(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 30 (Reuters) - European stocks hit a two-week high
on Thursday, as a surprise profit by Swedish retail giant H&M
and fading concerns about stress in the banking sector sparked a
rally on Wall Street overnight.
The pan-European STOXX 600 index rose 0.6% by 0708
GMT, hitting it strongest level since March 13, after major U.S.
stock indexes rallied on Wednesday. The benchmark S&P 500 closed above its 50-day moving average for the first time since
March 6, before the onset of the bank crisis. H&M climbed 7.3% after the world's second-biggest
fashion retailer reported a surprise operating profit for the
December-February period but warned that overall sales for the
spring season had been delayed by cold weather.
The wider retail index climbed 1.8%.
European banks rose 0.4% to hit a one-week high as
investors took heart from the sale of failed Silicon Valley
Bank's assets and takeover of embattled Swiss lender Credit
Suisse .
Real estate shares jumped 2.3%, extending a bounce
from five-month lows hit earlier this week.
Danish wind turbine maker Vestas climbed 4.9% after
it won an order in Brazil.
(Reporting by Sruthi Shankar in Bengaluru; Editing by
Subhranshu Sahu)
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