Europe bounces back from selloff, DAX closes 2.5% higher

Wednesday, 01. December 2021 17:32

European stock exchanges closed in the green territory on Wednesday, reversing yesterday's losses that were triggered by concerns about the Omicron coronavirus strain. Earlier today, United Kingdom annual housing prices beat projections with 10% growth, while investors seemingly shrugged off the slightly weaker-than-expected data on manufacturing activity in Germany, Eurozone and the UK, as well as on retail sales in Germany. Elsewhere, European Commission President Ursula von der Leyen said that the European Union should discuss vaccine mandates and praised the bloc's €300 billion investment plan to rival China's Belt and Road Initiative.

The DAX increased by 2.47% at the close as Infineon Technologies surged 5.41%. London's FTSE 100 was up 1.55% at the end of the trading session with its best performer, BT Group, jumping 4.60%. In Paris, the CAC 40 closed 2.39% higher as Stellantis rose by 5.68%.

The euro was 0.10% lower against the dollar, selling for 1.13310 at 5:29 pm CET, while the pound gained 0.13% compared to the greenback, changing hands for 1.33184 concurrently.

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Author:
Baha Breaking the News (BBN) / MS