Reuters | Oct 01, 2020 08:45
(Reuters) - European stocks rose on Thursday as Swedish retailer H&M and French-Italian chipmaker STMicroelectronics jumped after reporting forecast-beating results, while hopes of more U.S. stimulus aided global sentiment.
STMicroelectronics (PA:STM) jumped 3.5% after it forecast 2020 sales above previous estimate.
After European markets ended the third quarter in a subdued manner on worries about a resurgence in European COVID-19 cases, Brexit deal and the United States election, the mood brightened on Thursday amid signs of progress in a U.S. fiscal bill.
Final readings of September manufacturing activity for the euro zone and UK are due later in the day, with economists expecting recovery to remain intact after a coronavirus-induced hit.
German drugs company Bayer AG (DE:BAYGn) slumped 12% to the bottom of STOXX 600 after announcing plans for more than 1.5 billion euros ($1.76 billion) of cost cuts as of 2024 and revealing impairment charges on its agricultural business.
Written By: Reuters
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