Europe's STOXX 600 regains some ground after last week's battering
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STOXX 600 up 0.9%
Ryanair drops after quarterly profit slumps 46%
Rentokil jumps after report Philip Jansen in talks to buy firm
Updated at 1600 GMT
By Pranav Kashyap, Shristi Achar A and Shashwat Chauhan
July 22 (Reuters) -European shares closed up onMonday, recouping some of the steep losses clocked last week with technology and financials leading gains, while Ryanair led a rout amongst airlines after reporting a quarterly profit slump.
The pan-European STOXX 600 index .STOXX closed 0.9% higher, coming off a five-day losing run, a streak last seen in October 2023.
Most sectoral indexes closed higher, with technology shares .SX8P adding 1.8%, coming off their worst weekly drop in over three years, as some chip stocks rebounded following the global selloff seen last week when investors fretted over theprospects of possibleU.S. trade restrictions.
China-exposed luxury firms such as LVMH LVMH.PA, Kering PRTP.PA and Hugo Boss BOSSn.DE advanced between 1.2% and 4.3% after Beijing surprised markets bycutting major short and long-term interest rates, its first such broad move since August last year, signalling intent to boost growth in the world's second-largest economy.
Political uncertainties in the United States, coupled with the chip selloff had draggedthe benchmark index to logits biggest weekly decline of 2024 last week. Lack of policy direction from the European Central Bank also added to investor concerns.
ECB policymakerPeter Kazimir opened the door to two more interest rate cuts by the end of the year, if data justified them.
Bucking the trend,Ryanair RYA.I tanked 17.2% to the bottom of the STOXX 600 index after the airline's profits slumped by almost half in the three months to the end of June as ticket prices plunged 15% from the same period last year.
"Ryanair has informed markets that greater 'price stimulation' will be needed this summer – in plain language it's pushed passengers past their limit and needs to roll back on the further price hikes it had anticipated making," AJ Bell's head of financial analysis, Danni Hewson, said.
Ryanair dragged the travel and leisure sub-index .SXTP down 2.4%, amongst the outliers across major STOXX sectors.
Meanwhile, investorsassessed the impact of U.S. President Joe Biden abandoning his reelection bid on Sunday, and then endorsingVice President Kamala Harris as his party's candidate.
Later in the week, some of the region's largest lenders including Spain's Santander SAN.MC, France's BNP Paribas BNPP.PA, Germany's Deutsche Bank DBKGn.DE and Italy's UniCredit CRDI.MI are all slated to report their quarterly numbers throughout this week.
Euro zone banks index .SX7E advanced 2% at the start of the week.
Among other stocks,Rentokil Initial RTO.L gained 7.8% after The SundayTimes reported that former BT chief Philip Jansen is in talks to buy the British pest-control firm.
Belimo BEAN.S added 17.6% after the maker of actuators for heating, ventilation and air conditioning systems beat first-half sales expectations and hiked its outlook.
Reporting by Pranav Kashyap, Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich, Shounak Dasgupta and Andrew Heavens
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
