European Shares Rally Led By Banks And Miners

European stocks rebounded on Wednesday, with banks and miners leading the surge.

The pan European STOXX 600 rose about 1 percent to 462.96 after declining 0.2 percent on Tuesday.

The German DAX climbed 1.2 percent, France’s CAC 40 added 1.4 percent and the U.K.’s FTSE 100 was up 0.8 percent.

The euro edged up against the dollar ahead of U.S. inflation readings due this week that might influence the Fed’s rate trajectory.

Italian lenders Intesa Sanpaolo and UniCredit jumped 3-4 percent after the country’s finance ministry clarified that that the new windfall tax on banks would not amount to more than 0.1 percent of their assets.

Monte dei Paschi di Siena and Banco BPM jumped around 4 percent each while Commerzbank, Deutsche Bank and BNP Paribas were up 2-3 percent.

Dutch lender ABN Amro fell 2.3 percent after delaying a decision on share buybacks to the last quarter.

Miners Anglo American, Antofagasta and Glencore climbed 1-2 percent in London after data showed China’s consumer prices slipped into deflation territory in July amid weakening domestic demand, raising hopes for more policy stimulus.

Flutter Entertainment shares fell over 5 percent despite the online betting firm reporting a return to profitability for the first half of the year.

Coca-Cola HBC rose nearly 2 percent after the bottling firm lifted its FY23 organic revenue growth view and backed EBIT forecast.

Infrastructure products group Hill & Smith soared 7 percent after delivering a record trading performance in its first half.

Vestas Wind Systems, the world’s leading manufacturer of wind turbines, rallied 2.6 percent after narrowing its Q2 loss and maintaining FY23 outlook.

Delivery Hero jumped 9.5 percent after the German online takeaway food company upgraded its revenue guidance.

Automotive parts manufacturer Continental added 1.8 percent despite cutting its sales outlook for the year.

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