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“Pandora” jewelry stock soars amid the gains of European stock exchanges “Pandora” jewelry stock soars amid the gains of European stock exchanges, today, Saturday, October 10, 2020 01:53 am
The rise in European stocks was supported by positive expectations for corporate earnings, as investors’ eyes continued to turn to indications of new US stimulus.
The pan-European STOXX 600 index closed 0.6% higher, ending the week with a 2.1% gain.
And global stocks won this week on the support of growing expectations that the Democratic Party will win the US elections next month, which raised hopes for more economic stimulus there.
In Europe, local markets have been boosted by a series of mergers and acquisitions, as well as recovery of stricken sectors such as travel, entertainment, banking, and oil and gas.
Aircraft engine maker Rolls-Royce has nearly doubled in value since Monday, while British Airways’ owner IAG jumped 13.2%.
Pandora jewelery maker rose 17.2%, topping STOXX 600 today after it raised its earnings outlook on the back of an increase in sales and a big boost to its online selling business.
Pharmaceutical maker Novo Nordisk added 3.3% after it raised its sales and operating profit forecasts for 2020.
US House of Representatives Speaker Nancy Pelosi said on Friday that she and Treasury Secretary Stephen Mnuchin planned to hold talks later in the day as negotiations were underway on another federal aid package linked to COVID-19.
US President Donald Trump said in an interview with Fox News that talks with Congress on aid to mitigate the repercussions of Covid-19 have resumed, and there is a good chance of reaching an agreement. But he did not give further details about the potential agreement.
The president abruptly ended the talks earlier this week.
Relations between the Republican and Democratic political parties are likely to become more tense as the presidential election approaches, a subject of intense contention on the third of November.
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