European stocks rose for a fifth straight session Tuesday reported Daito Nippon Brokerage research and analysis department as bulls waded back into the market, hunting for bargains amid signs of stability after one of the worst weeks for major benchmarks in several months.
During European late trade, the EURO STOXX 50 closed up 1.3 per cent, France’s CAC 40 gained 5.28 per cent, while Germany’s DAX 30 added 1.87 per cent. The German index also notched a six-day winning streak, its longest since March 2013, with tech firms leading advancers.
“Last week, despite a drop late in Thursday and Friday sessions, all the major indexes enjoyed weekly gains of at least 2 per cent, the biggest since January. The CAC 40 and DAX 30 entered bull territory for the year — defined as an advance of at least 20 per cent or more from recent lows.” commented Max Harrington who heads up the Corporate Trading department at Daito Nippon Brokerage.
Carrefour (PA:CARR) shares soared more than 4 per cent in the session to an all-time high. Europe’s largest retailer reported a better than expected rebound in the second quarter sales due to positive figures in Asia.
Separately, Daito Nippon Brokerage analysts said that European stocks were boosted this week by heightened expectations that the ECB will enlarge its stimulus program in the fourth quarter, aimed at boosting economic recovery.