Europe midday: Shares rally as Zalando, Entain make gains

8th Apr 2024 10:44

(Sharecast News) - European shares rallied on Monday as investors awaited the start of the latest earnings season and another dump of economic data.

The pan-regional Stoxx 600 index was up 0.33% at 508.24 in early morning trade, with major bourses all making gains. Investors are eyeing a wide range of economic data this week, including a European Central Bank's interest rate decision on Thursday and CPI numbers from the US.

In economic news, German industrial production rose more than expected in February due to the performance of the construction industry.

Industrial production rose by 2.1% compared to the previous month and a forecast rise of 0.3%.

Eurozone investor morale improved again in April, marking the sixth gain in a row, according to a widely watched survey published on Monday.

The Sentix index for the single currency block rose to -5.9 points in April from -10.5 in March, its highest level since February 2022, and beating forecasts of -8.5.

"Will there finally be a sustainable economic upturn? At least the economic recovery in the eurozone and worldwide is continuing. The economic signals are also stabilising internationally," Sentix said in a statement.

On the commodities front, Brent crude prices fell to just under $90 a barrel as Israel withdrew more troops from Southern Gaza.

In equity news shares in Zalando were higher after Citigroup upped its rating on the German online fashion retailer to 'buy' from 'neutral'.

Entain shares also gained on a report private equity outfit Apollo was mulling a break-up bid for the troubled gambling firm.

Reporting by Frank Prenesti for Sharecast.com