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European stocks rally for third day, business surveys awaited By Reuters


© Reuters. The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany on September 22, 2021. REUTERS/Staff

(Reuters) – European stocks rallied for a third day as the global mood brightened on easing concerns about cash-strapped developer China Evergrande, while investors awaited the latest batch of business surveys.

The pan-European index rose 0.6% by 0709 GMT and was now set to end the week with solid gains.

Asian shares rose following Evergrande’s share price surge of 30% in Hong Kong as the chairman tried to reassure investors. The company had stated that it “resolved a coupon payment for an offshore bond” and Asian stock markets rose.

Evergrande’s Frankfurt listed shares fell 20.4%.

Investors are looking for information on policy and growth. IHS Markit’s September Business Surveys and Bank of England’s Monetary Policy Decision will be available later today.

Royal Mail (LON:) Plc gained 1.5% after it forecast a surge in first-half operating profit as it benefits from improving letter volumes and higher UK parcel revenues.

Faurecia, a French auto parts manufacturer rose 3.2% despite having to lower its 2021 financial goals due to the sharp decline in global automotive production. Rival Valeo (PA:) also gained 3%.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.