Europe enjoys good corporate news
European stock saw gains on May 15. The market was driven up by the optimistic corporate updates as well as impressive China’s industrial output data.
By 08:25 GMT, German DAX gained 1.3%. French CAC 40 gained 0.9% and British FTSE gained 1.2%.
Earlier today China revealed that its industrial output went up 3.9% last month, surpassing the estimates of a 1.5% growth. At the same time, retail sales are still tumbling down, losing 7.5% in April.
In Europe the new report on German GDP in the first quarter confirmed a 2.2% contraction. This is the sharpest drop since 2009.
Corporate news are mostly positive, with some exceptions. Swiss Richemont lost 2.2% - the group warned that it would take about three years for the luxury sector to completely recover from the pandemic’s impact. British BT Group added 7%, following the Financial Times report on its negotiations about selling a stake in Openreach - its fully owned subsidiary.
William Hill jumped more than 10%. The bookmaker reached an agreement with banks concerning its debt. French Imerys gained 14%. The company claimed that it successfully resolved its legal issues in America in regards to its talc unit.