EUROPE MARKETS: Europe Stocks Poised For Best Week Since July, Lifted By Global Rally
2018年9月21日 - 10:51PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
Just Eat tumbles on Deliveroo buy talk
Buoyed by enthusiasm for global stocks, Europe's main bourse was
headed for its best weekly gain since July, adding another positive
session on Friday with financials and major oil companies doing the
heavy lifting.
What are markets doing?
The Stoxx Europe 600 rose 0.4%, marking its sixth positive
session after Thursday's gain of 0.5% and matching the longest win
streak since July
(http://www.marketwatch.com/story/europe-stocks-on-cusp-of-longest-win-streak-since-summer-2018-09-20).
For the week, the index was on track for a 1.6% gain so far, the
best performance since the week ending July 27.
Germany's DAX 30 was up 0.6%, while France's CAC 40 added 0.7%.
The U.K.'s FTSE 100 jumped 1.3%.
The euro was slightly lower at $1.1737, compared with $1.1779
late Thursday in New York, while the pound last traded at $1.3075,
down from $1.3268.
Opinion: The ECB's bond-buying program was a flop, and that is
perilous for the eurozone
(http://www.marketwatch.com/story/the-ecbs-bond-buying-program-was-a-flop-and-thats-perilous-for-the-eurozone-2018-09-21)
What is driving the market?
U.K. stocks got a lift from the softer pound as that action can
boost the FTSE 100, given the index's multinational companies
generate most of their sales in other currencies. The pound fell a
day after European Union leaders rejected Prime Minister Theresa
May's post-Brexit proposal
(http://www.marketwatch.com/story/uk-leader-theresa-may-under-pressure-after-eu-leaders-rebuff-her-brexit-plan-2018-09-21)
on Thursday, piling on the pressure ahead of the Conservative Party
annual conference next week and souring the mood for an end to the
stalemate.
(https://twitter.com/VPatelFX/status/1043020804278050816)
In a speech, May said the U.K. must and will continue to prepare
for a "no-deal" scenario, according to Reuters, leading the pound
to sell off further.
Meanwhile, the leader of Italy's 5 Star Movement Luigi di Maio
has threatened to leave the government after he and Northern League
leader Matteo Salvini clashed with Finance Minister Giovanni Tria
over deficit spending. That comes as investors nervously await the
government's budget proposal, which could cause a rift between that
country and the EU if it doesn't meet deficit requirements.
Europe stocks had started out on a strong note Friday, soaking
up positive sentiment for stocks a day after the Dow Jones
Industrial Average and S&P 500 both logged record sessions.
Investors have shaken off trade worries, choosing instead to focus
on a positive U.S. growth picture.
On the data front in Europe, German and French manufacturing
purchasing managers index surveys missed estimates, though that
didn't stall stocks.
Don't miss:A top London startup's CEO flags the biggest Brexit
threat to his industry
(http://www.marketwatch.com/story/a-top-london-startups-ceo-flags-the-biggest-brexit-threat-to-his-industry-2018-08-06)
What are strategists saying?
"With trade war concerns receding in the background, the U.S.
dollar is on track to close out the week trading atop of its
seven-month lows against G-10 currency pairs as stronger equity
markets and rising bond yields encourage investors to purchase
riskier assets," said Dean Popplewell, vice president of market
analysis at OANDA.
"Bearing in mind the recent weakness in order data against the
backdrop of rising trade tensions, a further deterioration in the
PMI survey (most notably in manufacturing) would surely raise
concerns that the accelerating trade war between the U.S. and China
is also hurting European firms," said analysts at Rabobank in a
note, of the Europe data.
Stock movers
Shares of JUST EAT PLC (JE.LN) fell 4.7%, leading decliners on
the Stoxx Europe 600 after a report on Bloomberg
(http://www.marketwatch.com/story/uber-said-to-be-in-talks-to-buy-uk-food-delivery-company-deliveroo-2018-09-21)
that ride-hailing company Uber Technologies Inc. was in early talks
to buy London-based food-delivery group Deliveroo.
Financials supported the main index, with HSBC Holdings PLC
(HSBA.LN) (HSBA.LN) climbed 2%, and insurer Allianz SE (ALV.XE)
rose 1.1%.
Major oil companies rose as crude prices gained. BP PLC
(BP.LN)(BP.LN) gained 1.9% and Royal Dutch Shell PLC (RDSA.LN)
(RDSA.LN) gained 2%. Royal Dutch Shell is in talks to sell $1.3
billion in Gulf Coast assets, Bloomberg reported
(http://www.marketwatch.com/story/shell-may-shed-13b-in-gulf-coast-assets-report-2018-09-21).
U.K. luxury-clothing marketplace Farfetch Ltd. priced its
initial public offering late Thursday
(http://www.marketwatch.com/story/farfetch-has-filed-for-an-ipo-six-things-to-know-about-the-luxury-goods-marketplace-2018-08-21)
above its price range, raising $884 million to help fund expansion
plans. The company sold 44.2 million shares priced at $20 each.
(END) Dow Jones Newswires
September 21, 2018 09:36 ET (13:36 GMT)
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