© Reuters. A screen showing German DAX data at the Frankfurt Stock Exchange on Wednesday. Photo: Reuters.
(Reuters) – European shares opened higher on Thursday, reflecting optimism on Wall Street on signs that Washington is close to reaching an agreement on raising the U.S. debt ceiling and averting default.
By 0708 GMT, the European index was up 0.4%. Auto and technology stocks led the gains.
US stocks rose on Wednesday after President Joe Biden and Republican House Speaker Kevin McCarthy confirmed their intention to reach an agreement soon to raise the debt ceiling and avert a catastrophic economic downturn.
Volkswagen (ETR:) rose 2.6 percent, driven by the automaker’s plans to revamp its core brand with the aim of increasing efficiency and returns.
The stock was the biggest gainer on the German index, which rose 0.9 percent to its highest level in a year and a half.
Deutsche Bank (ETR) AG fell 1.3 percent after it agreed to pay $75 million to settle a lawsuit filed by women who said they were sexually abused by the late businessman Jeffrey Epstein, accusing the German bank of facilitating sex trafficking.
(Prepared by Rehab Alaa for the Arabic Bulletin – Edited by Duaa Muhammad)
2023-05-18 08:04:00
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