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European Bourses Close Higher as US Bond Markets Stabilize

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Last updated: 03/02/2021 12:24:26

12:24 PM EST, 03/02/2021 (MT Newswires) -- European stocks Tuesday climbed for a second consecutive day with most sectors and bourses in green and as investor sentiment stabilized over rising U.S. bond yields.

The European Stoxx 600 and the German Dax both climbed 0.2% and the French CAC was up 0.3%. The Swiss Market Index also rose 1%, and the FTSE 100 also increased 0.4%.

The Nationwide Building Society House Price Index rose to 6.9% in February from 6.4% in January. On a monthly basis, seasonally adjusted house prices increased 0.7% in February following a 0.2% decrease in January.

Annual inflation in the euro area is expected at 0.9% in February, the same as in January, according to a flash estimate from Eurostat. The forecast for the month is also 0.9%. Inflation in February is expected to be driven by food, alcohol & tobacco, services and nonenergy industrial goods, but be contained by significantly lower prices for energy.

As the scramble for COVID-19 vaccines across the world continues, the EU's European Commission is mulling shifting to emergency approvals for the jabs in an effort to accelerate the regulatory process to make vaccines available to the public, Reuters reported.

Among individual stocks, Kion (KGX.F) climbed over 6% after reporting record orders in 2020 and over expectations for further growth in 2021, despite a nearly 53% annual drop in net profit to 210.9 million euros ($253.2 million). The German manufacturer of materials handling equipment saw revenue fall 5.3% to 8.3 billion euros due to the COVID-19 pandemic, but orders edged up 3.6% to 9.4 billion euros. Kion proposed an annual dividend of 0.41 euros per share, up from 0.04 euros in 2019.

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