European markets log third session of gains
European markets closed higher for a third straight session, with the Stoxx 600 index gaining 0.5% on Thursday.
The FTSE 100 was flat while France’s CAC 40 climbed 0.4% and Germany’s DAX added 0.8%. By sector, gains were led by the chemicals sector, up 1.1%.
The best-performing stock was LEG Immobilien German property company, which rose 6.7% after Morgan Stanley upgraded it to “overweight.”
Global markets have been cheered by indications that the U.S. Federal Reserve is looking to slow the pace of interest rate hikes, while in Europe, PMI data this week showed the euro zone’s downturn in business slowed slightly.
German property market to slow but will see overvaluations: Central bank
A new report from German’s central bank forecasts a slowdown but no significant correction in the housing market.
Claudia Buch, vice president of the Bundesbank, told CNBC: “We do see a slowdown in the price growth for residential real estate, but it’s not that the overall dynamic has reversed. So we still have overvaluations in the market.”
— Jenni Reid
Stocks on the move: LEG Immobilien up 6%, Bridgepoint up 5%
LEG Immobilien shares climbed 6.5% to lead the Stoxx 600 by mid-afternoon after Morgan Stanley upgraded the German property company’s stock to “overweight” from “equal-weight.”
British private investment company Bridgepoint Group climbed more than 5%.
