Europe close: Shares rally on hopes for fresh China stimulus
By Alexander Bueso
Date: Thursday 10 Oct 2024
(Sharecast News) - European shares rallied late in the session as a surprise rise in German exports and speculation around fresh stimulus measures in China buoyed investor sentiment.
The pan-regional Stoxx 600 was up 0.66% to 520.05 points with Continental bourses also rallying after a mixed start.
US stocks had finished higher overnight, with the Nasdaq outperforming the other main benchmarks as all Magnificent Seven heavyweights advanced.
Chinese stocks suffered again following the announcement of underwhelming stimulus measures earlier in the week.
But on Wednesday, China's State Council Information Office said that finance minister Lan Fo'An would hold a briefing to outline fresh measures.
German exports unexpectedly rose in August thanks to strong demand from the UK and US. Exports increased by 1.3% in August compared with the previous month, according to data from the federal statistics office. Economists had expected a 1% decline. Germany's foreign trade surplus widened to €22.5bn from €16.9bn in July, boosted by a sharp drop in imports, down by 3.4%.
In corporate news, Bayer shares fell sharply after Washington state's senior court said it would review a case against its Monsanto unit over allegations that exposure to the firm's toxic chemicals caused brain injuries to three teachers.
Rio Tinto said it had struck a deal to buy Arcadium Lithium for $6.7bn, placing it among the main producers of the key component of electric vehicle batteries.
The mining giant said it was offering $5.85 a share in cash - a 90% premium to the stock's closing price at the end of last week.
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