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European Stocks Rise on Upbeat Forecasts from Zalando, VW

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March 16 Reuters European stocks rose on Tuesday as German online fashion retailer Zalando and carmaker Volkswagen jumped following upbeat earnings forecasts, while investors awaited the U.S. Federal Reserves views on a recent pickup in inflation.

The panEuropean STOXX 600 index rose 0.4, crawling closer to a record peak set last year and tracking an overnight rally on Wall Street on optimism about an eventual economic recovery from the pandemic lows.

Zalando jumped 4.4 after it forecast 2021 revenue growth above market expectations following a strong start to the year. Its shares touched a threeweek high and lifted the wider retail index.

Volkswagen AG was up 3.8 after the worlds secondlargest carmaker said it was confident that cost cuts will help it improve profit margins in the coming years.

The German DAX rose 0.5, while UKs bluechip FTSE 100 gained 0.6 as a weaker pound boosted the dollar earners on the index.

Reporting by Sruthi Shankar and Devik Jain in Bengaluru; Editing by Arun Koyyur

Source Reuters

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