Bank, retail shares lead European stocks higher; Carrefour gains

Banking and retail stocks led gains in Europe on Thursday, as investors focused on an economic rebound against the backdrop of fears of a tapering in global monetary stimulus, while Carrefour rose on plans to potentially restructure its foreign units.

The pan-European STOXX 600 was up 0.3 per cent by 0702 GMT after being net flat on the week as mixed messages from the US Federal Reserve left investors uncertain about how hot it was willing to let inflation run before it began unwinding its pandemic-era monetary policy.

Retail and banking stocks rose 0.5 per cent and 0.7 per cent, respectively.


German shares gained 0.4 per cent ahead of data that is expected to show business climate index climbing from two-year highs, while nervousness over a Bank of England policy meeting on Thursday kept FTSE 100 shares near flat.

French retailer Carrefour SA rose 0.9 per cent after it said late on Wednesday it had started considering possible consolidation, divestitures or tie-ups of its foreign subsidiaries.