Telecommunications stocks boosted European bourses on Wednesday after a billion dollar takeover offer for Switzerland's Sunrise Communications, while London's FTSE 100 gained on bets of more stimulus after a collapse in UK's quarterly economic output.
) launched a takeover offer for the Swiss telecoms group in a deal valued at 6.8 billion Swiss francs .
“Consolidation between operators would be positive for the industry as it would reduce competitive pressure on prices and improve the return on capital,” Domenico Ghilotti, an analyst at Equita wrote in a note.rose 0.6% as investors focused on signs of a recovery in economic output in June, shrugging off a record 20.4% plunge in the second quarter, the largest contraction reported by any major economy.
“It’s been widely expected that UK will be in a recession. But the fact that May number was upgraded and the June number was better than expectations, is offering a little bit of encouragement,” said Russ Mould, investment director at AJ Bell.Markets globally have rallied this week on the back of improving data from China and Europe, signs of progress in developing a COVID-19 vaccine and a fresh U.S. stimulus.
Among other individual movers, Danish enzyme maker Novozymes fell 5.8% after it issued a weaker profit outlook than previously forecast.
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The U.K. Is Officially In Recession After Suffering The Deepest Slump In EuropeI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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