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Europe Markets: TUI surges in Europe, where stocks near a ninth straight winning streak

European stocks inched higher on Thursday, clinging to a winning streak that is on its ninth day.

The Stoxx Europe 600 index
SXXP,
+0.01%

rose 0.1% to 474.96, which if it holds, would mark a fresh record close. Stronger gains were seen in Germany, where the DAX
DAX,
+0.62%

climbed 0.8%, while the French CAC 40
PX1,
+0.26%

rose 0.4% to 6,889.45. The FTSE 100 index
UKX,
-0.46%

slipped 0.2%.

The DAX was lifted by a 1% gain each for heavily weighted multinational conglomerate Siemens
SIE,
+0.95%

and business software group SAP
SAP,
+1.00%

SAP,
+0.99%
.
Headed the other way was energy group RWE
RWE,
-0.99%
,
which reported a rise in first-half net income and lifted its full-year outlook.

RWE said Thursday that adjusted net income for the first half rose, and raised its full-year outlook on the back of an exceptional performance across its supply and trading business.

DZ Bank lifted its rating on RWE to buy, citing “numerous new cooperations and in expectation of very high growth opportunities in the long term” due to the strengths of the company’s offshore wind and hydrogen units.

“After the price declines and meanwhile attractive valuation ratios, we therefore subordinate the short-term risk factors to the extraordinarily good long-term prospects,” said the analysts, in a note.

Shares of Delivery Hero
DHER,
-6.31%

plunged nearly 6% on Thursday, and it raised its gross merchandise value outlook for the full year on the back of a strong performance in the second quarter.

DZ Bank cut its rating to hold from buy on the Berlin-based food-delivery company, saying while the numbers were positive, “there was no key figure or forecast above the (very high) market expectations. Since our initial recommendation, the share has risen over 30%. In contrast to back then, we now see numerous risks which, in our opinion, are only reflected to a limited extent by the market,” said the analyst.

Elsewhere, Seth Klarman’s hedge fund, Baupost Group, bought a 3.5% stake in Dutch Delivery Hero rival Just Eat Takeaway.com
GRUB,
-1.74%

TKWY,
-1.85%
,
according to a regulatory filing. Those shares were unchanged.

And TUI
TUI1,
-0.46%

said Thursday that it returned to cash flow for the first time since the coronavirus pandemic, as it reported a near halved loss before interest and taxes. Shares climbed 2.8%.

The London-listed, German travel operator said it resumed business activities in all European markets, as holiday travel demand “remains unabatedly high,” it said.

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