Sep 30 (Businesshala) – European shares rose on Thursday, extending gains after a sell-off earlier this week, as worries about slowing global economic growth and high inflation kept main markets on course for a monthly decline.
The all-sector STOXX 600 Index (.STOXX) rose 0.6% by 0718 GMT, led by defensive sectors such as Real Estate (.SX86P), Healthcare (.SXDP) and Food and Beverage (.SX3P), while Miners (.SXPP) . Concerns about China’s economy recovered from a sharp decline.
The benchmark is on track with a loss of 2.7% at the end of September after a seven-month winning streak, as a jump in government bond yields pushed investors out of high-growth areas.
Among stocks, Sweden’s H&M (HMb.ST) rose 1.9% after reporting a higher-than-expected jump in quarterly pretax profit as shoppers returned to stores, while spirits maker Diageo plc (DGE.L) increased by 2.0% after forecast. Operating margins will get a boost as people opt for premium brands.
British online fashion retailer Boohoo (BOOH.L) slid 10.3% as it warned that freight inflation and higher wages for its distribution center staff would hit full-year profit margins.