EUROPE MARKETS: European Stocks End Lower As Oil Shares Slip
2017年12月1日 - 4:17AM
Dow Jones News
By Sara Sjolin, MarketWatch
Oil stocks in focus as OPEC agrees to extend output cuts
European stocks ended a choppy session on a down note Thursday.
The pan-European index was supported by broad-based gains in the
banking sector, after Credit Suisse Group AG provided an upbeat
outlook and vowed to return a large chunk of profits to
investors.
Oil companies, however, lost ground as oil prices turned mixed
as OPEC agreed to extend output curbs.
What are markets doing: The Stoxx Europe 600 index fell 1.25
points, or 0.3%, to end at 386.71, contributing to a 2.2% monthly
decline for November--the largest such fall since June.
Germany's DAX 30 index fell 0.3% to 13,023.98, while France's
CAC 40 index dropped 0.5% to 5,372.79.
The U.K.'s FTSE 100 index underperformed the broader European
markets for a second day, falling 0.9% to 7,326.67
(http://www.marketwatch.com/story/ftse-100-slides-to-2-month-low-as-pound-rallies-on-brexit-hopes-2017-11-30).
The slide came as the pound rallied to a fresh two-month high at
$1.3470 on further signs of a breakthrough in the Brexit
negotiations
(http://www.marketwatch.com/story/uk-closes-in-on-deal-with-eu-over-irish-border-times-2017-11-30).
Sterling traded around $1.3410 late Wednesday in New York.
The euro rebounded to $1.1889, up from $1.1850 on Wednesday,
after initially declining on some uninspiring eurozone inflation
numbers.
What's driving the market: Banks were again among biggest
gainers, continuing Wednesday's push higher. That advance came
after U.S. Federal Reserve Chairman-nominee Jerome Powell said he
hopes to ease financial regulations. Many European banks do
business in the U.S., so looser regulations stateside could also be
a boon for them.
More positive news in the sector came out Thursday, when Credit
Suisse Group AG (CSGN.EB)(CSGN.EB) raised its 2018 profit target
(http://www.marketwatch.com/story/credit-suisse-pledges-to-return-50-of-profits-2017-11-30)
for its wealth-management and connected business in Asia-Pacific.
The bank also said it plans to increase returns to shareholders by
distributing 50% of profit to them through share buybacks and
special dividends.
Credit Suisse shares rose 2%.
Investor optimism has been boosted recently by improved
prospects for the passage of Republican-proposed tax reforms in
Washington. The U.S. Senate began debating the tax bill on
Wednesday, and a final vote could come as early as Thursday night
(https://www.wsj.com/articles/senate-heads-toward-initial-vote-on-tax-overhaul-1511976620).
Brexit breakthrough: In the U.K., there were further signs
London and Brussels could break the Brexit deadlock by Christmas.
The Times newspaper said Thursday the U.K. is close to reaching an
agreement over Northern Ireland
(https://www.thetimes.co.uk/article/brexit-britain-close-to-irish-border-deal-pltcgrvcj)
with the European Union's Brexit negotiators. The report said
British officials earlier this week made a proposal to avoid a
"hard border" between the U.K. province and the Republic of
Ireland.
The EU has said it needs to see "sufficient progress" on the
Irish border before the withdrawal talks can move on to deal with
trade and a potential transition period. The two other issues are
EU citizens' rights and the size of the U.K.'s exit bill.
Earlier this week, media reports said London and Brussels had
agreed on a Brexit divorce bill of around EUR50 billion, after U.K.
Prime Minister Theresa May significantly raised the British
offer.
OPEC meeting: Traders closely tracked the meeting of the
Organization of the Petroleum Exporting Countries in Vienna that
began early Thursday. OPEC members and a group of non-cartel
countries agreed to extend an agreement on output curbs that was
due to expire in March through the end of 2018, reports said.
See:This is the big question for oil traders as OPEC meets on
Thursday
(http://www.marketwatch.com/story/opec-oil-ministers-will-face-this-dilemma-when-they-meet-to-extend-production-cuts-2017-11-17)
Crude oil prices headed south, with Brent down 0.3% at $62.32 a
barrel.
Among energy companies, shares of BP PLC (BP.LN) (BP.LN) and
Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) each lost 1.1%, and Total
SA (TOT) fell 0.6%.
Economic news: Eurozone inflation rose to 1.5%
(http://www.marketwatch.com/story/eurozone-inflation-rises-to-15-on-energy-prices-2017-11-30)
in November, according to a preliminary estimate from Eurostat, up
from 1.4% in October. However, it missed consensus forecasts of a
1.6% reading.
Meanwhile, unemployment in the currency union fell to 8.8% in
October from 8.9% in September, marking the lowest joblessness rate
since January 2009.
Stock movers: Shares of Daily Mail and General Trust PLC
(DMGT.LN) tanked 24% after the newspaper company said it swung to a
pretax loss
(http://www.marketwatch.com/story/daily-mail-swings-to-loss-on-impairment-charges-2017-11-30)
in fiscal 2017.
Shares of Aviva PLC (AV.LN) rose 0.4% after the insurer lifted
its forecast for annual earnings growth
(http://www.marketwatch.com/story/aviva-lifts-earnings-growth-targets-2017-11-30)
to more than 5% a year from 2019 onward.
(END) Dow Jones Newswires
November 30, 2017 14:02 ET (19:02 GMT)
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