EUROPE MARKETS: Germany's Stock Market Logs Another Record As Bayer Rises On Deal News
2017年10月14日 - 5:10AM
Dow Jones News
By Carla Mozee, MarketWatch
European stocks post weekly win
European stocks mostly rose on Friday, as Bayer AG shares
rallied on news the German conglomerate has reached a
multibillion-euro deal to sell parts of its business, which helped
the DAX register another record all-time high.
Mining stocks advanced after upbeat import data from major
metals consumer China.
What stocks are doing: The Stoxx Europe 600 index added 0.3% to
391.55, and advanced 0.5% for the week. The pan-European benchmark
has registered five straight weekly gains.
Miners boosted: The Stoxx 600 Basic Resources Index leapt 2.7%
on Friday as shares of mining companies marched higher. The moves
came after a report showed Chinese imports rose 18.7%, beating
forecasts
(http://www.marketwatch.com/story/china-exports-up-9-for-7th-month-of-growth-2017-10-13),
as exports also grew. China is a major buyer of industrial and
precious metals.
Shares of ArcelorMittal SA (MT) jumped 7.4%, Rio Tinto PLC (RIO)
added 3%, and Glencore PLC (GLEN.LN) rose 2.4%.
"Seasonal factors helped to boost year-on-year trade growth last
month. But there are also hints of a real pick-up in domestic
demand, perhaps due to efforts to shore up activity ahead of the
Party Congress," said Julian Evans-Pritchard, China economist at
Capital Economics, in a note.
Communist Party officials will meet in Beijing on Oct. 18 for
the high-profile, weeklong 19th Party Congress, where they will
reveal plans for the economy.
Stock movers: Bayer AG (BAYN.XE) gained 1.2% after BASF SE
(BAS.XE) said it has reached an agreement to buy significant parts
of Bayer's seed and herbicide businesses
(http://www.marketwatch.com/story/basf-to-buy-significant-parts-of-bayer-businesses-2017-10-13)
for 5.9 billion euros ($6.99 billion). BASF shares slipped
0.5%.
GKN PLC shares (GKN.LN) tumbled 10%. The engineering group said
Friday its third-quarter margin performance was lower than a year
ago
(http://www.marketwatch.com/story/gkn-margins-squeezed-by-north-america-challenges-2017-10-13),
mainly because of operational challenges in its North American
aerospace division.
Provident Financial PLC (PFG.LN) rallied 12.4% after the lender
said its Vanquis Bank division delivered good growth
(http://www.marketwatch.com/story/provident-scraps-2017-dividend-on-doorstep-issues-2017-10-13)
in the third quarter and was upbeat on prospects for its Satsuma
online loans unit. Provident, which is battling problems in its
doorstep-loans unit, confirmed it won't pay a full-year dividend
for 2017.
In the currency market, the euro traded at $1.1844, up from
$1.1832 late Thursday in New York.
Regional benchmarks: Germany's DAX 30 index added 0.1% to a
fresh record at 12,991.87, marking a weekly gain of 0.3%. The
German benchmark has climbed for six straight weeks. France's CAC
40 index slipped 0.2% to 5,351.74. For the week, the index declined
0.2%, halting a four-week win streak.
In London, the FTSE 100 index fell 0.3% to 7,535.44, weighed
down as the pound climbed above $1.33 for the first time in nearly
two weeks. Sterling rose after German newspaper Handelsblatt late
Thursday
(http://www.handelsblatt.com/my/politik/international/brexit-galgenfrist-fuer-london/20446710.html)
reported that the European Union may offer a two-year Brexit
transition deal to Britain. The U.K. benchmark posted a weekly gain
of 0.2%, and has logged four consecutive weekly rises.
(END) Dow Jones Newswires
October 13, 2017 15:55 ET (19:55 GMT)
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