Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Europe midday: Shares hold gains on upbeat EZ construction data
(Sharecast News) - European shares were steady on Thursday as investors shrugged off another weak session in the US overnight, with a jump in eurozone construction helping drive late morning sentiment. The pan-regional Stoxx 600 index was up 0.25% at 499.78 with all major bourses higher. Asian shares were also in upbeat mood, helping fuel sentiment.
"European markets are enjoying a strong start to the trading day, as the bulls seek to step in to rescue what has been a pretty damning April thus far," said Scope Markets analyst Joshua Mahony.
"The risk on sentiment being felt today has helped drive the dollar lower, following a period of gains that saw the greenback reach a five-month high yesterday. What has been notable over recent months has been the outperformance of European indices compared with their US counterparts, as their lofty valuations bring greater profit taking."
"The Federal Reserve is facing elevated inflation pressures and a solid economy, raising the likeliness of a divergence this year as European central banks cut rates ahead of their US counterparts."
In economic news, eurozone construction sparked in February, official data showed on Thursday, up notably on the previous month.
According to first estimates from Eurostat, the statistical office of the European Union, seasonally-adjusted production in construction increased by 1.8% in February in both the Eurozone and wider bloc.
In January, production nudged ahead just 0.2% in the Eurozone and fell 1.2% in the EU.
Driving the increase in February was civil engineering, which reported a 4.1% increase in the Eurozone. Buildings rose 3.5% and specialised construction activities by 1.7%.
Oil prices were below $87, after a 3% slump a day earlier, as the prospects of fewer US interest rate cuts and signs that China's economy was still struggling offset worries around supply amid Middle East tensions between Israel and Iran.
In equity news, Swiss engineering firm ABB surged after reporting flat revenue for the period of $7.87bn, and an 11% rise in operating profit to $1.41bn, ahead of expectations.
Finland's Nokia slipped after missing market expectations for operating profit as net sales fell 19%.
Sartorius Stedim Biotech slumped by 16% after the German firm released first-quarter results.
Shares in takeaway food delivery companies were boosted after Deliveroo reported a positive first-quarter performance in an update on Thursday, as it returned to order growth, alongside a notable increase in gross transaction value (GTV). Just Eat Takeaway and food kit firm HelloFresh were also higher.
Reporting by Frank Prenesti for Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.