2023-05-18 16:59:00
© Archyde.com. Screens at the Frankfurt Stock Exchange show the movement of the German DAX index on Thursday. Archyde.com photo
(Archyde.com) – European stocks rose at the end of trading on Thursday, supported by hopes for a breakthrough in the US public debt ceiling crisis, and the German blue-chip index hit its highest level in more than a year.
The European index closed 0.4 percent higher, with auto and technology companies leading the buying wave.
The German blue-chip index rose 1.3%, its best performance since January 2022, while the French index rose 0.6% to its highest level in more than two weeks.
A media report said House Speaker Kevin McCarthy was optimistic regarding the ability of congressional negotiators to reach an agreement to raise or suspend the debt ceiling in time for a vote on the resolution in the House of Representatives next week.
“There is a relief in the financial markets and a sense that a deal will be reached,” said Susannah Streeter of Hargreaves (LON:) Lansdowne.
“The possibility of a strong shock to the financial system has decreased a lot, which supported stocks today,” she added.
Among the top performers on Thursday was CTS Eventim, which rose 5 percent following the German ticket seller reported higher-than-estimated first-quarter profit.
Volkswagen shares rose 3.2 percent, thanks to the company’s plans to revamp its core brand to increase efficiency and returns.
Deutsche Bank (ETR) shares rose 0.7 percent, recouping early losses, following the bank agreed to pay $75 million to settle a lawsuit brought by a woman alleging abuse by the late businessman Jeffrey Epstein and accusing the German bank of facilitating his sex trafficking.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin – Edited by Ali Khafaji)
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