EUROPE MARKETS: European Stocks Score 2 1/2-year Closing High
2018年1月20日 - 3:05AM
Dow Jones News
By Carla Mozee, MarketWatch
Investors shrug off concerns over possible U.S. government
shutdown
European stocks rose on Friday, with gains for industrial and
tech shares helping the region's benchmark bag a third straight
weekly win, as investors appeared to set aside concerns about a
possible shutdown of the U.S. government.
What are stocks doing?: The Stoxx Europe 600 index rose 0.5% to
close at 400.88, marking its highest close since early August 2015,
according to FactSet data.
For the week, the pan-European gauge scored a 0.6% gain, marking
a third weekly advance.
In Friday's trade, Germany's DAX 30 index rose 1.2% to
13,434.45, closing at its highest level since November last
year.
France's CAC 40 tacked on 0.6% to 5,526.51, while Spain's IBEX
35 bulked up 0.5% to 10,479.50.
The U.K.'s FTSE 100 index ended up 0.4% at 7,730.79 after a
choppy trade.
The euro bought $1.2236, down slightly from $1.2239 late
Thursday in New York.
What's driving markets: European stocks had a tentative start,
with politics here and abroad on the radar. The session got under
way and closed with news that the U.S. government may still shut
down Saturday.
The U.S. House of Representatives late Thursday passed a
one-month spending bill that would keep the government funded
through Feb. 16
(http://www.marketwatch.com/story/republicans-appear-to-have-house-votes-for-funding-bill-but-shutdown-still-looms-2018-01-18).
However, the measure appears to lacks support in the Senate. The
current interim funding bill expires at 12:01 a.m. Eastern Time on
Saturday.
But U.S. stocks didn't seem too rattled by the prospects of a
work stoppage in Washington. The Dow Jones Industrial Average was
down 0.2%, while the S&P 500 index was up 0.1% at the time of
the European close.
Meanwhile, members of the Germany's Social Democratic Party on
Sunday in Bonn will vote on whether the party should delve into
deeper discussions with German Chancellor Angela Merkel's
conservative party about possibly forming a coalition government.
Merkel hasn't been able to put together a ruling coalition since
September's election.
Tech stocks in Europe continued to build on recent gains, with
the Stoxx Europe 600 Technology Index up 0.8% on Friday and up 3.2%
for the week. Aiding gains this week was a report that U.S.
shipments of chips are set to reach $50.1 billion in 2021
(https://www.prnewswire.com/news-releases/us-shipments-of-semiconductors-to-reach-501-billion-in-2021-300584062.html).
What strategists are saying: "We expect the [EUR/USD] pair to
continue to trade in a sideways manner for the short term and it
could be influenced by the fundamental news regarding the possible
U.S. government shutdown, as well as any further developments on
the German government coalition, especially on the SPD side," said
Peter Iosif, senior research analyst at IronFX, in a note.
"Please be advised, that there is a possibility that the pair
could open with a negative gap on Monday, should the SPD congress
decide not to back the deal struck by SPD leadership with
[Merkel's] Christian Democratic Union and the Christian Social
Union," said Iosif.
Stock movers: Thyssenkrupp AG (TKA.XE) climbed 4.5%, posting of
the biggest gains in the DAX 30 index. CEO Heinrich Hiesinger has
confirmed the steelmaker's 2018 targets and said the company is
still working on its planned joint venture with Tata Steel,
according to Dow Jones Newswires.
Volkswagen AG shares (VOW.XE) (VOW.XE) claimed a 2.1% rise, with
Deutsche Bank saying it will take profit after a "great run" in
shares of Infineon Technologies AG (IFX.XE) and reinvest some of
the proceeds into Volkswagen shares.
"DB analysts see 2018/19 as the sweet spot for VW, which they
believe is yet to be fully priced," said Deutsche Bank head of
research Andrea Neubauer in a note issued Friday.
Shares of semiconductor company Infineon ended up 1% on Friday,
pushing its gain to 11% so far this year.
DIY retailer Kingfisher PLC (KGF.LN) dropped 2.3% after flooring
seller Carpetright PLC (CPR.LN) issued a profit warning, sending
its shares tumbling 40%.
Easyjet PLC (EZJ.LN) rose 4.7% following a ratings upgrade to
equal weight from overweight at Morgan Stanley. Air France-KLM
(AF.FR) was downgraded to equal weight from overweight, but its
shares managed to gain 0.4%.
Economic data: U.K. retail sales dropped sharply in December,
(http://www.marketwatch.com/story/uk-retail-sales-drop-sharply-in-december-2018-01-19)
with the 1.5% fall nearly double the decline estimated in a poll
conducted by The Wall Street Journal. The Office for National
Statistics also sales in 2017 rose 1.9%, the slowest rate of annual
growth since 2013.
(END) Dow Jones Newswires
January 19, 2018 12:50 ET (17:50 GMT)
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