With the release of strong economic data from the U.S. and Europe keeping investors’ confidence afloat, European shares have been inching ever closer to record numbers. The pan-European STOXX 600 index rose 0.1%, hovering just below its all-time record high. Energy and consumer stocks emerged as the biggest winners on the day.
In addition to the strong expansion in U.S. and European factory activity lifting stocks to new heights, the U.S. jobs data scheduled for release on Friday is expected to confirm the solid recovery of the world’s largest economy.
In addition to energy and consumer stocks, oil and gas proved to be strong performers as well, rising 1.1% to lead sectoral gains in Europe. Stocks considered stable, such as food and beverage and real estate, also exhibited strong showings. Tech and mining stocks experienced marginal declines.
Some of the biggest winners on Wednesday included Swedish vehicle manufacturer Volvo which gained 2% following its board’s announcement that the proceeds from the sale of UD Trucks be distributed to shareholders. Danish luxury TV and stereo maker Bang & Olufsen skyrocketed by 9.3% following the reveal of its optimistic full-year earnings forecast.
