ROME: European stocks finished higher Wednesday, with brewers SABMiller PLC and Carlsberg helping to lead the way up.
A surge by TalkTalk Telecom Group PLC also provided a lift, even as a speech by European Central Bank President Mario Draghi disappointed some analysts.
The Stoxx Europe 600 SXXP, +0.65% gained 0.7% to end 378.71, rising for a second straight day. The index on Tuesday edged up 0.1%.
Brewers: Among the index’s biggest gainers on Wednesday was Carlsberg CARLB, +6.22% with shares up 6.2% after the Danish brewer said it plans to cut 2,000 jobs in an effort to improve its profitability.
Meanwhile, SABMiller PLC SAB, +1.86% SBMRY, +1.90% shares were pulled 1.9% higher as the maker of Miller Lite and Peroni agreed to be bought out by rival Anheuser-Busch InBev N.V. ABI, +2.16% BUD, +2.77% InBev shares gained 2.2%.
SABMiller’s gain helped push the U.K.’s FTSE 100 UKX, +0.35% higher by 0.4% to end at 6,297.20.
TalkTalk Telecom Group PLC TALK, +13.21% was the Stoxx Europe 600’s biggest gainer, surging 13% as the U.K. company increased its half-year dividend, despite detailing a cost hit of over $50 million for last month’s cyberattack.
Demure Draghi? ECB President Mario Draghi reiterated his call for more integration of Europe’s banking sector, but didn’t discuss monetary policy as he delivered a speech in London
Draghi opted to “focus instead on governance and regulation in increasingly integrated European financial markets,” said Enrique Diaz Alvarez, chief risk officer at Ebury, in emailed comments. He “omitted any mention of prospects for monetary policy.”
Draghi lately has been making dovish comments about monetary policy, spurring anticipation the ECB may ramp up its stimulus measures for the eurozone by as early as next month.
