Europe open: Stocks rally as Uniper, sports firms drive gains
Europe stocks rallied on Wednesday despite mixed sessions in the US and Asia overnight.
The pan-regional Stoxx 600 index was up 0.34% at 0829 GMT, with major bourses all higher.
In economic news, German consumer sentiment is set to improve in January, thanks in part to the government’s energy relief packages, according to a survey released on Wednesday by market research group GfK.
GfK’s forward-looking consumer sentiment index for January printed at -37.8, up from a revised -40.1 in December, coming in above consensus expectations of -38.0.
The survey showed that the propensity to buy index ticked up by 2.3 points to -16.3. Meanwhile, the index for income expectations rose 10.9 points on the month to -43.4. The economic expectations gauge rose 7.6 points to -10.3.
In the UK, public borrowing jumped to £22bn last month as surging debt interest costs pushed the deficit to its highest ever November level.
November borrowing was £13.9bn higher year on year and the highest November borrowing since monthly records began in 1993.
In equity news, Uniper shares surged after the European Commission on Tuesday approved a €34.5bn German government plan to recapitalise the natural gas trader.
Upbeat quarterly sales from US giant Nike drove gains in sportswear Adidas, Puma and JD Sports.
Reporting by Frank Prenesti for Sharecast.com