Europe: Stocks close higher as commodities shares rally

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[BENGALURU] Positive earnings reports and a surge in commodities shares lifted European stock markets on Wednesday, but losses in defensive sectors and worries about surging coronavirus cases globally tempered the mood. Read more at The Business Times.

IHS Markit's final reading of euro zone business activity showed the bloc returned to modest growth in July as coronavirus restrictions were lifted. Separate data showed the volume of retail sales rebounded in June to levels recorded in February.

In earnings-driven moves, German logistics group Deutsche Post AG gained 2.5 per cent after reporting a better-than-forecast rise in operating profit, benefitting from a jump in ecommerce during the pandemic. Travel & leisure stocks extended gains for a third straight session, with British Airways-owner IAG, Lufthansa and Easyjet up between 6.5 per cent and 10.5 per cent.

 

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