European Shares Rise For The Third Day

European shares rose for the third day in a row as global sentiment improved after concerns over the financially crippled Chinese real estate developer Evergrande eased, while investors awaited the latest batch of market surveys.

The pan-European Stoxx 600 index rose 0.6 percent, on track to post strong gains at the end of the week.

Asian shares rose after Evergrande shares jumped 30 percent on the Hong Kong Stock Exchange, as the company’s president sought to reassure investors.

However, the Frankfurt-listed company’s shares fell 20.4 percent.

A preliminary reading of the IHS Markit Purchasing Managers’ Index for September and the Bank of England’s monetary policy decision are due later in the day as investors await any signs of growth and the course of monetary policy.

Shares in the British Royal Mail Group rose 1.5 percent after it expected an increase in operating profit in the first half of the year as it benefited from rising parcel revenue in the United Kingdom.

French auto parts company Faurecia rose 3.2 percent even though it lowered its main financial targets for 2021 due to the sharp decline in car production worldwide.