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Europe midday: Shares rally after losses last week; Eyes on Musk decision

Published 19/12/2022, 12:18
Updated 19/12/2022, 12:42
© Reuters.  Europe midday: Shares rally after losses last week; Eyes on Musk decision

© Reuters. Europe midday: Shares rally after losses last week; Eyes on Musk decision

Sharecast - The pan-European Stoxx 600 index was up 0.48% at 0821 GMT. After last weeks data deluge and several rate hike decisions, traders are expecting a quieter few days before the festive break.

Energy stocks were higher on the back of rising oil prices driven by hopes of a recovery in demand from China after the country relaxed several strict Covid-19 control measures. BP (LON:BP) and Shell (LON:RDSa) were both gainers.

Meanwhile Twitter chief executive Musk launched a poll on Sunday asking users whether he should step down as head of the company, adding that he would abide by the result.

Just over 57% of 17.5 million voters had said that Musk should resign when the poll closed.

In other equity news, Freenet rose after Deutsche Bank (ETR:DBKGn) raised its rating on the German-based telecom provider's stock to ‘buy’ from ‘hold’.

Reporting by Frank Prenesti for Sharecast.com

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