European Shares Rise As Omicron Concerns Ebb

(RTTNews) - European stocks rose on Thursday to hit two-week highs after new studies indicated the Omicron variant poses a lower risk of severe disease and hospitalization than the Delta variant.

However, the World Health Organization said it's too early to draw conclusions on its severity.

The pan European Stoxx 600 rose 0.4 percent to 480.17 after climbing 0.9 percent on Wednesday.

The German DAX gained half a percent, France's CAC 40 index inched up 0.3 percent and the U.K.'s FTSE 100 was up 0.2 percent.

Swiss building materials firm Holcim rose 2.4 percent after it signed an agreement to acquire Malarkey Roofing Products, a company in the U.S. residential roofing market. Airline stocks surged, with Air France KLM, Lufthansa, IAG and Wizz Air climbing 2-5 percent.

Ryanair added 1.6 percent despite the low-cost airline doubling its annual loss forecast, citing the emergence of travel restrictions in several big markets.

Flutter Entertainment jumped 3.3 percent. The Dublin-based gambling company said it has acquired online gaming operator Sisal from CVC Capital Partners Fund for 1.62 billion pounds ($2.16 billion).

Balfour Beatty rallied 2.6 percent. Its U.S. subsidiary Balfour Beatty Communities has pleaded guilty and agreed to pay more than $65 million in fines and restitution for defrauding U.S. Military.

Continental AG added 1.8 percent. Its CEO told a magazine that the German automotive supplier could hit the upper end of its profit margin outlook in 2021.

On a light day on the economic front, preliminary data from Destatis showed that German import price index rose 24.7 percent year-on-year in November, following a 21.7 percent increase in October. Economists had forecast a score of 22.3 percent.

The pace of increase was the fastest since October 1974, when import prices rose 28.8 percent.

A slew of U.S. economic data is scheduled to be released later in the day, including reports on weekly jobless claims, durable goods orders, personal income and spending, and new home sales as traders look to get a head start on the Christmas weekend.