European stocks on Tuesday closed their trading at an unprecedented rise, and the German company Delivery Hero achieved the largest jump ever after selling its unit in Taiwan (Food Panda), despite the continued state of anticipation related to interest rates. The European stoxx 600 index rose 0.18 percent, led by the auto sector index, which rose 1.4 percent. Delivery Hero shares jumped 26.3 percent after Uber announced an agreement worth $1.25 billion to acquire Food Panda, a subsidiary of the German company in Taiwan, in addition to purchasing new shares in the company. Volkswagen shares gained 2.6 percent, after a report showed that the company is exploring opportunities to sell shares worth about $1.08 billion in its unit specialized in manufacturing heavy trucks, Traton. After strong gains last week, traders remain in a state of anticipation for the second day, waiting for signs of when to cut interest rates in the United States. Banking stocks rose more than 1 percent, with Société Générale rising 3.7 percent after French President Emmanuel Macron said in a television interview that the European banking sector needs further consolidation, even if that means buying a major French bank from a competitor European bank. The travel and entertainment sector was the most affected, with Flutter shares falling by about 2 percent after the largest online betting company in the world kept its forecasts for the full year unchanged. Source: Qatar News Agency
Tuesday, November 05, 2024