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7/7, 5:31 PM (Source: TeleTrader)
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Europe closes higher on recovery optimism

Major stock markets in Europe closed the trading session on Wednesday with gains as investors reacted to economic data seeing a healthy sign of recovery. European Union released a forecast predicting a much faster rebound than previously expected. Contributing factors are better-than-expected first-quarter results and lifting of coronavirus restrictions.

Meanwhile, reports showed that UK housing prices were up 8.8% in June, compared to the same time last year. Germany's industrial production declined 0.3%, compared to the previous booming month, but was still up 17.3% year-on-year.

The DAX gained 1.17% led by Heidelbergcement jumping 4.15%. The FTSE 100 climbed 0.71% as Bhp Group grew by 3.14%, while the CAC 40 grew by 0.31% with Essilorluxottica advaning by 2.36%. The euro lost 0.25% against the dollar trading for $1.17953 at 5:29 CET, while at the same time the British pound dropped by 0.20% to exchange hand for $1.37694.

Breaking the News / LH