Stocks were pushing higher in Europe, with U.S. equity futures also pointing to gains later for Wall Street, a day after investors got spooked by comments from Treasury Secretary Janet Yellen. Earnings news drove shares of A.P. Moeller-Maersk and Merck KGaA higher.
Technology stocks have largely been in favor since the COVID-19 pandemic began, but reopenings in the U.S. and elsewhere as vaccines take hold have pushed investors toward value stocks, which are geared more toward the economy. But lately, stronger growth expectations are also sparking worries of higher inflation, and a potential tapping of the brakes by central banks.
Stock in A.P. Moeller-Maersk MAERSK.A, +3.73% climbed over 3%, after the shipping giant said it would accelerate its share buyback program and launch a new program of up to 31 billion Danish kroner . Rising demand and freight rates have propelled the company’s earnings and cash flow higher, the company said.
Danish pharmaceutical company Novo Nordisk NVO, -1.61% lifted its full-year guidance and increased share buybacks, after posting a forecast-beating rise in first-quarter net profit. Shares rose around 2%.
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