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European stocks extend recovery ahead of PMIs; Adidas jumps

Published 09/23/2020, 03:22 PM
Updated 09/23/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Sept 23 (Reuters) - European stocks extended a rebound on
Wednesday from a steep selloff earlier this week, with investors
awaiting the latest business activity data to see if the
economic recovery is stalling as many countries reimpose
coronavirus restrictions.
The pan-European STOXX 600 .STOXX rose 0.7% by 0712 GMT,
with London's exporter-heavy FTSE 100 .FTSE jumping 0.9% as
the pound was hammered by fresh UK curbs to tackle a second wave
of COVID-19 infections. .L
The German DAX .GDAXI rose 1%, with Puma PUMG.DE and
Adidas ADSGn.DE up over 4% after U.S. sportswear maker Nike
NKE.N reported strong earnings and forecast
better-than-expected sales for 2020. Osram OSRn.DE surged 13.5% after Austrian sensor maker ams
AMS.VI said it had signed a so-called domination and profit
and loss transfer agreement as a key step towards closing out
its 4.6 billion euro ($5.4 billion) takeover of the German firm.
Data compiler IHS Markit is set to release its early reading
of September business activity for the euro zone and UK later in
the day. With a resurgence in COVID-19 cases driving many
countries to tighten curbs again, investors are wary it can hurt
a fragile economic recovery in the continent.

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