Investors are hoping that the outcome of the midterm elections for the American Congress will have a positive impact on the market as European stocks closed on Tuesday at their highest level in eight weeks. Meanwhile, the Danish jewellery manufacturer Pandora’s stock rose after reporting better-than-expected quarterly sales.
The European Stoxx 600 index fluctuated within a narrow range for the majority of Tuesday before closing at 0.8%.
The technology and retail sectors came at the forefront of purchases.
After highlighting the high consumer demand despite the high cost of living, Pandora’s shares increased 10.6% to lead the record index.
The main indicators in Wall Street as the Americans made their votes in the midterm elections for Congress, amid the expectations of analysts to win the Republicans, which could lead to a divided government.
The profits of the expectations of companies, in addition to hopes, helped the Federal Reserve (the US Central Bank) raise interest rates at the rate of the lowest Stoxx 600 index, to start November on a solid ground.
According to Rafnitiv’s data, out of the 216 companies listed on the index, nearly 60% announced higher profits than anticipated.
The closing price of European stocks is the highest in eight weeks.
About Author
