European stock exchanges rose on Thursday against a declining broader market after a positive JPMorgan note on the sector. “European Exchanges have outperformed the broader financial sector which in our view is warranted given exchanges typically have lower market beta, increasing proportion of recurring revenues, possess high free cash flow conversion and can benefit from higher levels of market volatility,” said the note. Euronext rose 3% on an upgrade to overweight from neutral, and shares in the London Stock Exchange and Deutsche Boerse also rose.
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