Prosus, miners lift European shares to two-week high – Reuters

June 27, 2022 by No Comments

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 24, 2022. REUTERS/Staff

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June 27 (Reuters) – European shares hit a two-week high on Monday, boosted by miners as an easing of COVID-19 restrictions in China lifted global commodities and assuaged inflation fears, while Prosus shares rallied on the Dutch company’s plans to trim its Tencent stake.

The continent-wide STOXX 600 index (.STOXX) gained 1.1%, mirroring a sharp rebound on Wall Street late last week as investors lowered their concerns over persistently high inflation.

All the major European sectors advanced, with mining stocks (.SXPP) jumping 2.8%. Shares of luxury retailers LVMH (LVMH.PA) and Richemont (CFR.S), which rely on China for a major part of their revenue, rose 1.8% and 2.4%, respectively.

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“The thing is good news from China are good news for everyone because it could relieve the pressure on supply chains and help easing the inflation problems,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

“What we are seeing right now could actually be another …….

Source: https://www.reuters.com/markets/europe/european-stocks-hit-two-week-high-commodities-rebound-2022-06-27/

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