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    European shares hover below highs, Bayer hit by Roundup ruling

    Synopsis

    The pan-European STOXX 600 index rose 0.1 per cent to 445.76 points, just below Tuesday's record high of 447.15.

    European sharesGetty Images
    Mining stocks added 2 per cent. The sector was the best performing European sector as metal prices rose on concerns over supply disruptions in top copper producer Chile.
    European shares inched higher on Thursday as investors awaited key U.S. labour data, while German shares fell after shares in pharmaceuticals maker Bayer were hit by a court ruling.

    The pan-European STOXX 600 index rose 0.1 per cent to 445.76 points, just below Tuesday's record high of 447.15.

    French planemaker Airbus was among the best performers, rising 6 per cent after it set out sweeping goals to expand production of jetliners, as the airline industry recovers from the COVID-19 pandemic.

    German shares shed around 0.4 per cent, lagging other regional markets, with Bayer the biggest drag on the DAX, falling more than 4 per cent.

    The stock was set for its worst day in three months after a U.S. judge rejected its class action plan to settle future claims related to its Roundup and other glyphosate-based weedkillers.

    European shares have moved little this week, but achieved record highs as continued affirmations of easy monetary policy and waning concerns over inflation painted a favourable picture.

    Investors are awaiting U.S. jobless claims data, which is due later in the day and personal consumption data on Friday, two important metrics considered by the Federal Reserve in adjusting policy.

    "Market participants stayed relatively indecisive ahead of tomorrow's release of the core PCE index, which is the Fed's favourite inflation metric," Charalambos Pissouros, senior market analyst at JFD Group wrote in a note.

    Mining stocks added 2 per cent. The sector was the best performing European sector as metal prices rose on concerns over supply disruptions in top copper producer Chile.

    Food and beverage stocks were the worst performers, falling 0.6 per cent on losses in British processed foods maker Tate & Lyle. The stock shed more than 5 per cent after its annual revenue fell.

    Among other movers, HSBC fell 0.2 per cent after the British bank said it was exiting its U.S. retail business to focus on Asia, its biggest market.

    Puma fell 2 per cent after French luxury goods group Kering said it will sell a 5.9 per cent stake in the German sportswear firm through a share placement.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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