Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European stocks rise ahead of ECB meeting, tech stocks jump

Stock MarketsJan 21, 2021 05:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Frankfurt

(Reuters) - European stocks rose on Thursday on hopes of a large U.S. stimulus plan under new President Joe Biden, while investors looked to the European Central Bank for clues on the eurozone's economic health.

The pan-European STOXX 600 index rose 0.4%, hitting new highs since February, with tech, travel & leisure and automakers gaining the most.

Asian and Wall Street peers hit record highs after Biden took office on Wednesday and signed half a dozen executive orders that included America's return to the international Paris Agreement to fight climate change.

"In the past few days, the market has been breathing a sigh of relief that we had a safe transfer of power from Trump to Biden," said Dhaval Joshi, strategist at BCA Research.

Euro zone stocks climbed 0.3% ahead of the ECB meeting where policymakers are widely expected to keep its easy money policy unchanged, but hold the door open to further stimulus as the fast-spreading second wave of COVID-19 dims an already weak outlook.

The central bank will announce its own policy decisions at 1245 GMT, followed by President Christine Lagarde's news conference at 1330 GMT.

Tech stocks jumped 1.5%, continuing their rally for a second straight session, led by software maker Sage Group (LON:SGE) which jumped 4.7% after posting higher quarterly recurring revenue.

Spanish cellphone mast operator Cellnex rose 4.1% and German telecoms group Deutsche Telekom (OTC:DTEGY) gained 0.8% after the two companies announced to combine their tower business in the Netherlands.

The pair boosted European telecom sector, which climbed more than 1%.

Electrolux slipped 0.5% even as the Association of Home Appliance Manufacturers (AHAM) reported appliance shipments rising by a fifth in the four quarter due to pandemic-driven "stay at home" demand.

European stocks rise ahead of ECB meeting, tech stocks jump
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email