European Shares Broadly Higher In Cautious Trade

European stocks were broadly higher on Wednesday, as Omicron worries eased somewhat and U.S. President Biden said it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress.

The pan European Stoxx 600 was up 0.1 percent at 474.66 after rising 1.4 percent in the previous session.

The German DAX rose 0.2 percent and France’s CAC 40 index gained 0.3 percent while the U.K.’s FTSE 100 was down 0.1 percent on concerns about economic recovery.

Wizz Air Holdings was moving lower. The Swiss airline company said that it has acquired 15 daily slot pairs from Norwegian Air Shuttle at Gatwick airport. The financial terms of the deal were not known.

Julius Baer gained half a percent on news its Chief Financial Officer Dieter Enkelmann is stepping down.

Miners were flat to slightly lower as iron ore futures declined on possible Covid-19 curbs in China.

German consumer major Beiersdorf AG rose 1.2 percent. The company said that it has reached an agreement with the shareholders of Chantecaille Beaute Inc., USA, to buy prestige skin care business Chantecaille.

Delivery Hero shares soared 7 percent. The food delivery group said it would scale down its Foodpanda operations in Germany and sell the subsidiary’s Japan unit.

In economic releases, revised data showed that the U.K. economy expanded less than estimated in the third quarter.

Gross domestic product grew 1.1 percent sequentially, instead of 1.3 percent estimated previously. This follows a revised increase of 5.4 percent in the second quarter.

The level of GDP was 1.5 percent below where it was pre-coronavirus at the fourth quarter of 2019, revised down from the prior estimate of 2.1 percent.

Annual GDP decreased 9.4 percent in 2020, revised from the first quarterly estimate of negative 9.7 percent.

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