European shares rise, supported by utilities and telecoms companies


European shares rose today (Tuesday), supported by utilities and telecoms companies, but weak German industrial output and doubts about a UK lifting of restrictions later this month capped gains.

The pan-European Stoxx 600 index rose 0.2 percent by 07:13 GMT, holding below its all-time high, while sectors considered more stable such as utilities, real estate and communications led the gains.

And data revealed that German industrial output unexpectedly fell in April, in another indication that semiconductor shortages and other supply bottlenecks are negatively affecting the recovery of Europe’s largest economy.

Auto stocks fell 0.8 percent after a six-day rally that brought the index near a record peak.

Shares of Swiss drugmaker Lonza gained 3.6 percent after Goldman Sachs raised its recommendation for the stock to “buy”, while British American Tobacco shares rose 1.9 percent after the company raised its forecast for annual profit growth.


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