EUROPE MARKETS: Europe Stocks Score Strongest Weekly Win Since March, Lifted By Global Rally
2018年9月22日 - 2:04AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Anneken Tappe
Just Eat tumbles on Deliveroo buy report
Buoyed by enthusiasm for global stocks, Europe's main bourse
closed higher and registered its best weekly gain since March,
adding another positive session on Friday with financials and major
oil companies doing the heavy lifting.
What are markets doing?
The Stoxx Europe 600 closed up 0.4% at 384.29, 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 gained 1.7% so far, the best percentage
gain since the week ended March 9, according to Dow Jones Market
Data.
Germany's DAX 30 finished 0.9% higher at 12,430.88, while
France's CAC 40 added 0.8% to end at 5,494.17, also representing
its best day since March 9. The U.K.'s FTSE 100 ended the week 1.7%
higher at 7,490.23, notching its best weekly gain, up 2.7%, since
Feb. 16.
The euro last traded lower at $1.1744, compared with $1.1779
late Thursday in New York, while the pound was sharply weaker
versus the dollar at $1.3074, 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?
Europe stocks started out on a strong note Friday and remained
supported throughout the session, soaking up positive sentiment for
stocks a day after the Dow Jones Industrial Average and S&P 500
index both extended their record rallies in Friday midday trade.
Investors have apparently shaken off trade worries, choosing
instead to focus on a positive U.S. growth picture.
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.
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) ended the day 4.8% lower, 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 2.2%, and insurer Allianz SE (ALV.XE)
finished up 1.4%.
Major oil companies rose as crude prices gained. BP PLC
(BP.LN)(BP.LN) ended 2.1% higher and Royal Dutch Shell PLC
(RDSA.LN) (RDSA.LN) gained 2.2% for the Class A shares and 2.5% for
the B shares. 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 12:49 ET (16:49 GMT)
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