Live Markets: Banks prop up STOXX, relief for wind stocks

Avanza Bank Holding AB

02/07/2025 09:37

STOXX 600 up 0.3%

Trade deals awaited

Banks top gainers

Wall St futures edge up

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BANKS PROP UP STOXX, RELIEF FOR WIND STOCKS

A surge in heavily weighted banks pushed European shares up slightly on Wednesday, while renewable energy plays topped the charts on relief that measures in a U.S. tax bill were more favourable for the wind industry than in an earlier draft.

The pan-European STOXX 600 .STOXX benchmark index gained 0.3%, with banks .SX7P leading sectoral gains, with a rise of 1.5%. In the sector, Avanza Bank AVANZ.ST soared over 12% on reports it could be taken private. Sabadell SABE.MC gained over 5% after selling its UK unit to Santander SAN.MC.

Wind turbine maker Vestas VWS.CO was at the top of the STOXX, up 9.4% to lead a broad-based rally in European renewable energy stocks. Orsted and EDP Renovaveis gained over 3%.

Energy, mining, and auto stocks were also in demand, offsetting weakness in real estate and utilities.

(Danilo Masoni)

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EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: FUTURES RISE, UK DEALMAKING EYED CLICK HERE

MARKETS SIT TIGHT FOR TRADE PROGRESS CLICK HERE

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