EUROPE MARKETS: Spain's IBEX Slides More Than 1% On Looming Risk Of Catalan Independence
2017年10月10日 - 08:16PM
Dow Jones News
By Carla Mozee, MarketWatch
German exports surge
Lingering worries over the Catalan crisis dragged Spanish stocks
down again Tuesday, dampening momentum for European stocks even as
LVMH SE shares led the way higher for the luxury-goods sector.
What stocks are doing: The Stoxx Europe 600 index was down 1
point at 390.11 after tacking on a small 0.1% increase as trading
got underway. Utility and health cares shares were losing the most,
while consumer goods and consumer services stocks advanced.
On Monday, the pan-European index rose 0.2%, aided in part by
gains for Spain-listed shares after hundreds of thousands of people
demonstrated against Catalonia's secessionist push
(http://www.marketwatch.com/story/hundreds-of-thousands-rally-in-barcelona-to-oppose-catalan-secession-2017-10-08).
Spanish stocks slide again: But in Madrid on Tuesday, the IBEX
35 fell 1.1% to 10,115.40, hitting intraday lows after a Bloomberg
report said Catalan President Carles Puigdemont will hold a press
conference at 1 p.m. local time, or 7 a.m. Eastern Time.
Catalan President Carles Puigdemont was scheduled to hold
address the regional parliament after the market closes. In
particular, the focus is on whether he will declare Catalonia's
independence from Spain after last week's referendum.
"Although the move has been called symbolic, and Spanish
authorities have been called on to act, it is hard to predict an
outcome for [Wednesday] morning" for the euro, said analysts at
FairFX in a note. "The uncertainty around the situation could
worsen, which would likely affect the euro negatively."
Ahead of the address, the euro traded at $1.1786, up from
$1.1748 late Monday in New York. That rise is seen as driven by
hawkish comments from European Central Bank policy maker Sabine
Lautenschlaeger, who said on Monday the central bank should start
scaling back its aggressive bond buying program next year.
On the IBEX 35, shares of Banco Santander SA (SAN) fell 1.9% and
lender BBVA SA (BBVA) lost 1.7%.
Puigdemont's appearance in parliament is scheduled for 6 p.m.
local time, or 12 p.m. Eastern Time.
Stock movers: LVMH (LVMUY) rose 2.2% after the company behind
Louis Vuitton and other high-end consumer brands said third-quarter
revenue rose 14%
(http://www.marketwatch.com/story/lvmh-quarterly-sales-rise-14-2017-10-10),
boosted by organic growth in all its business.
Shares of luxury stocks rose in step, with Christian Dior SE
(CDI.FR) up by 2.1%, Compagnie Financiere Richemont SA (CFR.EB)
rising 0.8%, and Hermes International (RMS.FR) gaining 1.1%.
Economic data: German exports surged
(http://www.marketwatch.com/story/german-exports-jump-on-strong-eurozone-demand-2017-10-10)
in August due to strong demand from the eurozone, rising 3.1% from
July and 7.2% from the same month in 2016.
French industrial production unexpectedly fell
(http://www.marketwatch.com/story/french-industrial-production-falls-unexpectedly-2017-10-10)
0.3% in August from July, compared with an expected gain of
0.4%.
The U.K. trade deficit in goods widened
(http://www.marketwatch.com/story/uk-trade-deficit-in-goods-hits-record-high-2017-10-10)
to 14.2 billion pounds ($18.6 billion) in August, hitting the
highest level on record, on a drop in the export of fuels and an
increase in imports of mechanical machinery.
Individual indexes: France's CAC 40 index was flat at 5,364.40.
Germany's DAX 30 index was lower by 0.1% at 12,964.27, after eking
out a fresh all-time closing high on Monday.
The U.K.'s FTSE 100 was up 0.2% at 7,519.57, even as the pound
got a lift from the latest developments in the country's political
drama, with Prime Minister Theresa May seen as warding off dissent
within her government for now.
(END) Dow Jones Newswires
October 10, 2017 07:01 ET (11:01 GMT)
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