European shares bounced after US midterm polls

Published: November 07, 2018 16:04:26 | Updated: November 09, 2018 11:08:06

File Photo (Collected)

European shares bounced on Wednesday after US midterm elections delivered no big surprise, while a string of solid earnings updates and a rally in Spanish banks on a favourable tax ruling also provided relief.

The pan-European STOXX 600 benchmark rose 1.1 per cent to a three-day high in a broad-based rebound that saw all major country and sectoral indexes trade in positive territory in morning deals.

Company results announcements drove the biggest movers on the STOXX 600, with Delivery Hero and Ahold rising 8.4 and 5.3 per cent, respectively, after strong updates.

Adidas fell 2.7 per cent after the sportswear company cut its revenue target due to a fall in sales in western Europe, reports, reports Reuters.

Weaker than expected revenue growth sent the shares in the world’s biggest security firm G4S down to 10 per cent to its lowest level since August 2016.

Shares in Sabadell, BBVA, Santander and Bankia all rallied between 2.8 and 4.1 per cent.

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