EUROPE MARKETS: Major European Indexes Rise As U.S. And China Take Steps Towards Trade Agreement
March 04 2019 - 5:32AM
Dow Jones News
By Emily Horton
British American Tobacco tumbles after Canadian ruling
Europe's markets were up on Monday after reports the U.S. and
China are rapidly moving towards reaching an agreement to end their
prolonged tariff war.
How are markets performing?
The Stoxx Europe 600 added 0.3% to 375.38 after finishing up
0.8% last week.
France's CAC 40 was the regions top gainer, climbing 0.5% to
5,293.58, while Italy's FTSE MIB index rose by 0.2% to
20,729.16.
Meanwhile, the FTSE 100 rose by 0.2% to 7,120.98, Germany's DAX
(DAX) was flat at 11,606.62 and Spain's IBEX 35 rose 0.2% to
9,236.30,
The pound climbed to $1.3247 from $1.3205.
"The pound looks bearish on the technical charts but we know
that politics drive sterling these days," Konstantinos Anthis, head
of research at ADSS, said in a note to clients. "Even though the
U.K. currency has seen a correction from the $1.3350 highs over the
previous week, recent news suggests that several members of PM
May's "internal opposition" are prepared to agree terms and support
her efforts to deliver Brexit."
The euro fell to $1.1342 from $1.1368 late in New York on Friday
night.
What's driving the markets?
Equity gains were driven by investor optimism over the latest
trade deal developments between the U.S. and China.
Articles from Bloomberg and The Wall Street Journal said China
was offering to ease tariffs and other restrictions on U.S. farms,
chemical, auto and other products
(http://www.marketwatch.com/story/us-china-in-final-stages-of-trade-talks-with-formal-deal-possible-by-months-end-2019-03-03),
while Washington is reportedly removing most sanctions on Chinese
imports, according to an unidentified source.
Reports suggest that a deal could be signed later this
month.
What stocks are active?
British American Tobacco PLC (BATS.LN) dropped 2% after it
criticized the Quebec Court of Appeal
(http://www.marketwatch.com/story/british-american-tobacco-critical-of-canada-ruling-2019-03-04)for
not overturning a decision against its Canadian subsidiary.
The Daily Mail & General Trust PLC (DMGT.LN) led the Stoxx
600 top gainers, adding 5% after the group announced it will return
$1.19 billion excess cash to shareholders
(http://www.marketwatch.com/story/daily-mail-to-return-119-billion-to-shareholders-2019-03-04).
Meanwhile, British equipment manufacturer Rotork PLC (ROR.LN)
was at the other end of the spectrum, leading Europe's decliners
with a 8% loss after the board announced it was planning for slower
growth in 2019
(http://www.marketwatch.com/story/rotork-profit-up-but-sees-slower-growth-for-2019-2019-03-04).
(END) Dow Jones Newswires
March 04, 2019 05:17 ET (10:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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