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09 Mar 2021 | 19:28

Europe close: Stocks extend gains after OECD raises short-term growth forecasts

(Sharecast News) - European shares extended the previous day's gains after the OECD upgraded growth forecasts for the global economy, citing the ongoing success of the vaccine rollout and the US's mammoth $1.9trn stimulus package. The OECD said it now believes the global economy will grow by 5.6% in 2021, and by 4% in 2022, an increase on forecasts made in December for growth of 4.2% this year and 3.7% next year.

The pan-European Stoxx 600 was 0.76% higher at 420.41 after starting the session in sluggish mood as inflationary fears on the back of rising US bond yields persisted.

Germany's Dax meanwhile added 0.4% to 14,437.94, while the FTSE Mibtel rose 0.57% to 23,816.5 and Spain's Ibex 35 added 0.62% to 8,496.4.

In economic news, data showed German exports unexpectedly rose in January buoyed by robust trade with China.

Danish jewellery maker Pandora topped the gainers board, with the shares up 7.24% after the company reported a 12% rise in February organic sales.

Shares in serviced offices provider IWG fell as the company said it would be forced to shutter more underperforming locations as a result of the market recovery from the coronavirus pandemic was taking longer than anticipated.

UK insurer and asset manager M&G rose more than 4% as the company reported a better-than-expected 31% fall in 2020 operating profit to £788m pounds in its first full year as a standalone company.

German automotive parts maker Continental AG fell 7% after it reported a 12.7% drop in group sales, thanks in part to falling revenue in the automotive, rubber and powertrain divisions.

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