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European stock markets close on an uptrend

Stock indices of Western Europe ended with growth in trading on Wednesday, including due to the rise in shares of technology and telecommunications companies. The markets were supported on Wednesday by, among other things, the growth of US stock indices, which fell significantly a day earlier amid the sell-off of technology sector companies, while the Nasdaq Composite indicator fell more than 4%.

The attention of traders is directed to the meeting of the European Central Bank on Thursday, September 10, as its results may seriously affect the dynamics of the euro. Statements by ECB chief economist Philip Lane last week triggered a fall in the euro from its highest in more than two years at $1.2, and experts will closely monitor the rhetoric of the Central Bank for concerns about the recent strengthening of the euro.

Investors are watching the oil market after prices fell to lows last June, amid renewed fears over demand, including rising coronavirus infections in the US and Europe.

The composite index of the largest enterprises in the region Stoxx Europe 600 by the close of trading increased by 1.62% and amounted to 369.65 points.

The British FTSE 100 indicator rose 1.39%, the German DAX — 2.07%, the French CAC 40 – 1.4%. Italy's FTSE MIB and Spain's IBEX 35 added 2.02% and 0.95%, respectively.

AstraZeneca (LON: AZN) gained 0.5% after falling earlier in the day. Clinical trials of the company's coronavirus vaccine have been suspended to investigate a “potentially unexplained illness” in one of the participants, the company said on Tuesday. It is noted that this malaise may not be caused by the vaccine, but the situation requires verification.

Roche Holding AG shares increased by 1.75%, GlaxoSmithKline PLC — by 2.7%.

Lloyds Banking Group (LON: LLOY) gained 0.06%. The bank announced the first round of cuts since the suspension of restructuring plans at the start of the coronavirus pandemic. Lloyds plans to cut 865 employees starting in November, which will be offset in part by the creation of 226 new jobs in other business segments.

Meanwhile, Tullow Oil (LON: TLW) PLC sank 17.5%. The British oil company reported a net loss in the first half of the year due to lower oil prices and significant write-offs.

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