UNITED STATES, WASHINGTON (EDUFINTECH) – European stocks rallied on Wednesday on strong company reports and a recovery in the tourism sector.
The pan-European STOXX 600 Index was up 1.07% by 10:45 am ET. The tourism sector jumped 3.82%, recovering from losses caused by fears of a rapid rise in coronavirus cases.
Germany’s DAX Index rose 0.48%, Britain’s FTSE 100 Index rose 1.23%, and France’s CAC 40 Index rose 1.05%.
Novartis rose 1.85% after the Swiss drugmaker posted a nearly 20% increase in second-quarter underlying net income, beating market expectations, and retained its 2021 guidance.
German business software developer SAP fell 1.83% despite raising its forecast for the second time this year.
Shares of Daimler AG, the Mercedes-Benz manufacturer, decreased by 1.27% after the company warned that the global shortage of semiconductor chips will lower car sales in the second half of 2021.