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European stocks rise on upbeat forecasts from Zalando, Volkswagen

Published 16/03/2021, 09:24
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 16 (Reuters) - European stocks rose on Tuesday as
German online fashion retailer Zalando and carmaker Volkswagen
jumped following upbeat earnings forecasts, while investors
awaited the U.S. Federal Reserve's views on a recent pick-up in
inflation.
The pan-European STOXX 600 index .STOXX rose 0.4%,
crawling closer to a record peak set last year and tracking an
overnight rally on Wall Street on optimism about an eventual
economic recovery from the pandemic lows. .N
Zalando ZALG.DE jumped 4.4% after it forecast 2021 revenue
growth above market expectations following a strong start to the
year. Its shares touched a three-week high and lifted the wider
retail index .SXRP . Volkswagen AG VOWG_p.DE was up 3.8% after the world's
second-largest carmaker said it was confident that cost cuts
will help it improve profit margins in the coming years.

The German DAX .GDAXI rose 0.5%, while UK's blue-chip FTSE
100 .FTSE gained 0.6% as a weaker pound boosted the dollar
earners on the index.

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