7/1/2021, 5:31 PM (Source: TeleTrader)
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Europe closes with gains on lower unemployment data

Major European stock markets closed higher on Thursday reversing some of the losses from the previous trading session. Investors reacted to positive data reports that marked a decrease in the unemployment rate in the euro area and a rise in Eurozone's manufacturing activity.

Germany's manufacturing PMI also grew to 65.1 beating analysts' expectations. However, in the United Kingdom, the production activity declined in June from a record high figure of the previous month. Bank of England's Governor Andrew Bailey said the GDP is expected to grow by 7.25% this year, unlike last year, when it dropped by 9.75%.

The DAX closed with 0.47% in the green as Covestro rose 1.87%. The FTSE 100 grew by 1.25% led by Jd Sports Fashion PLC jumping 4.98%, while the CAC 40 gained 0.71% with Renault advancing by 4.47%. The euro remained flat against the dollar only sliding 0.05% into the red and trading for $1.18508 at 5:29 pm. At the same time, the British pound lost 0.42% exchanging hands for $1.37728.

Baha Breaking News (BBN) / LH