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HomeBusinessEuropean stocks break five-day losing streak on mining sector strength - Reuters...

European stocks break five-day losing streak on mining sector strength – Reuters [12 words]

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European shares rebounded from a five-day losing streak as mining stocks surged, while German inflation data came in lower than expected. The pan-European index rose 0.4%, with Spain’s IBEX index leading the gains at 1.0%. Preliminary data from the federal statistics office showed that German consumer prices rose by 4.3% in September, lower than the forecasted 4.5% following an August reading of 6.4%. This news boosted investor sentiment and indicated that the fight against inflation is ongoing.

The basic resources index experienced significant gains, rising 2.2%, with Sweden-based Billerud AB leading the way with a 5.0% jump after a brokerage firm raised its rating on the stock. However, utilities were the top losers, sliding 1.1%. Energy shares also contributed to the positive momentum, with the STOXX 600 rising 0.7% as crude oil prices increased due to concerns over tight global supplies and OPEC+ output cuts. French energy company TotalEnergies reached a record high, climbing 1.1% after finalizing a sale to Petronas.

In other market news, Germany’s Thyssenkrupp saw a 6.5% jump in its share price following reports that the company is in talks to sell 50% of its steel division to Czech billionaire Daniel Kretinsky. Meanwhile, airline company Ryanair experienced a slight increase of 0.4% after announcing cuts to its winter schedule due to Boeing delivery delays. However, its full-year traffic forecast remains unaffected for now. The Italian government also made headlines as it lowered its growth forecasts for this year and the next, while also increasing budget deficit targets. As a result, stocks in Italy initially fell but later managed to rise by 0.5%.

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