EUROPE MARKETS: European Stocks Set To Close Quarter With Stronger Gain Than U.S.
September 30 2019 - 5:42AM
Dow Jones News
By Steve Goldstein, MarketWatch
European stocks on Monday were on track to end the quarter with
a mild gain, capping three months of turmoil on the political and
economic front.
Up 0.04% to 391.93 on the day, the Stoxx Europe 600 index has
climbed 1.9% for the quarter. The U.S. S&P 500 is up 0.7% over
the same period. European stocks are much cheaper than their U.S.
counterparts, reflecting worries about the area's low growth.
According to J.P. Morgan data, the Euro Stoxx 50 has a
price-to-earnings ratio of 14.6, compared to 18.1 times for S&P
500 components.
Top gainers in Europe for the July-to-September period include
telecoms group Altice Europe (ATC.AE) , French supermarket chain
Casino Guichard (CO.FR) and U.K. aerospace firm Cobham (COB.LN),
each with gains of over 40%.
Losers included software firm Micro Focus International
(MCRO.LN) , down 46% over the last three months, U.K. bank CYBG
(CYBG.LN) , which has dropped nearly 42%, and steel maker Evraz
(EVR.LN) , down 32%.
The German DAX dropped 0.03% to 12377.84, the French CAC 40
increased 0.06% to 5644.22 and the U.K. FTSE 100 fell 0.08% to
7420.60.
Attention is turning to U.S.-China trade talks scheduled for
October. A Treasury Department spokeswoman over the weekend said
there no current plans to block Chinese companies from listing in
the U.S., after a published report unsettled markets on Friday.
Whitbread (WTB.LN) shares fell 4.2% as Barclays downgraded the
U.K. owner of Premier Inn low cost hotels to equal-weight, with the
bank saying the firm's investment case is "muddled."
Electricite de France (EDF.FR) shares rose 2.5% after the power
firm said it will receive about 400 million euros in compensation
for closing a nuclear power plant early.
(END) Dow Jones Newswires
September 30, 2019 05:27 ET (09:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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