⚠️BREAKING: *EUROPEAN STOCKS RISE ACROSS THE CONTINENT; LONDON'S FTSE 100 HITS ANOTHER RECORD HIGH - 🇪🇺🇩🇪🇫🇷🇮🇹🇪🇸🇬🇧🏴
Commerzbank stock rose 6.5% after the German lender lifted its profit guidance for this year, helped by beating fourth-quarter net income expectations.
On the flip side, Nestle stock slipped after the world's biggest food group reported weaker-than-expected full-year net profit despite passing on higher raw material costs by hiking prices for customers. Oil prices rose Thursday, as optimism over a recovery in Chinese demand overshadowed a surge in the U.S. crude inventories.Energy Information AdministrationAlthough this resulted in the stocks climbing to the highest level since June 2021, the EIA added that the hefty build was largely due to a data adjustment, which has diluted its impact.
Additionally, data released Thursday showed that China's January air passenger traffic rose 34.8% from a year earlier, suggesting that demand from the world’s largest importer of crude will bounce back relatively quickly after its decision to abandon its strict zero-COVID policy.
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