Bank And Retail Shares Support European Stock Exchanges in Thin Trading

European shares extended their rally for the third day in a row on Wednesday, boosted by bank and retailer shares despite concerns raised by rising COVID-19 cases about the economic outlook for the new year.

The pan-European STOXX 600 index rose 0.2 percent by 0815 GMT, with shares of retailers, banks, and travel companies gaining between 0.3 percent and 1.3 percent. The index had hit its highest level in five weeks in the last session.

The French CAC index had also set a record, but settled in early trading on Wednesday, after new cases of Covid-19 in France within 24 hours reached 179807 cases on Tuesday, which is one of the highest daily infection numbers in the world since the beginning of the pandemic.

Britain’s FTSE 100 index jumped one percent as oil prices rose and the prospect of closure before the start of the new year eased.

The Spanish index stabilized a day after Parliament approved the general budget for the year 2022 and a huge spending plan that may be one of the largest spending plans in the country’s history.