EUROPE MARKETS: European Markets Track Global Stocks Higher; Energy Companies Offer Support
15 Março 2019 - 10:57AM
Dow Jones News
By Emily Horton
European stocks rose in step with global markets on Friday, with
investor enthusiasm driven by hopes over global trade.
Investors also took stock of the latest U.K. parliamentary vote
to ask E.U. leaders to extend Britain's withdrawal from the
E.U.
Heavyweight oil and gas helped drive the markets up,
particularly the FTSE 100.
How did markets perform?
The Stoxx Europe 600 added 0.5% to 380.60 on Friday, after
finishing the previous day up 0.7%, and was set for a weekly gain
of 2.7%.
The U.K.'s FTSE 100 climbed 0.6% to 7,228.75, while France's CAC
40 rose by 0.9% to 5,399.66.
Germany's DAX (DAX) climbed 0.9% to 11,693.53 and Italy's FTSE
MIB index gained 0.7% to 21,031.24.
The British pound remained flat at $1.3236, while the euro
climbed to $1.1308, unchanged from late Thursday evening in New
York.
What's driving the markets?
Chinese lawmakers on Friday approved a new law against the
forced transfer of technology by foreign companies
(http://www.marketwatch.com/story/china-approves-law-against-forced-tech-transfers-to-appease-us-2019-03-14)
-- a big complaint by the U.S. and other countries. But it remains
unclear if the move will be enough to smooth the path to a trade
deal.
Meanwhile, U.S. president Donald Trump has threaten the E.U.
with "pretty severe" economic pain if Brussels does not engage in
trade talks with Washington, the Financial Times reported
(https://www.ft.com/content/ce0cc7ea-4678-11e9-a965-23d669740bfb?emailId=5c8aeeb0cc534f000485fbec&segmentId=22011ee7-896a-8c4c-22a0-7603348b7f22&fbclid=IwAR1CzZL7FcWbK-zg0lhDEdmqN_dJxjSqfG3rwdmOfUHW2GEeyjZzJ0Ke2KE).
After turbulent week in U.K. parliament, Thursday evening saw
MPs vote to extend Article 50 for a short period until June 30. The
decision marks end of a intense three days, which during Prime
Minister Theresa May's revised withdrawal agreement was rejected
for the second time and MPs voted to rule out to leaving the EU
with no deal.
Oil prices have continued to edge higher, as extended OPEC
production cuts and lower inventories help support prices. Total
S.A. (FP.FR) rose 1%.
However, U.K. Oil & Gas PLC (UKOG.LN) fell 2% after
announcing its loss for 2018 widened more than seven times
(http://www.marketwatch.com/story/uk-oil-gas-loss-widens-on-exploration-write-offs-2019-03-15)
as it booked an impairment on exploration write-offs.
What stocks are active?
UBS Group AG fell 1.6% after the Swiss bank set aside $516
million in provision for a tax case
(http://www.marketwatch.com/story/ubs-sets-aside-516-million-for-french-tax-case-2019-03-15)in
which French judges ordered the bank to pay a hefty fine for
helping wealthy clients in France evade taxes.
H&M Hennes & Mauritz AB Series B (HM-B.SK) slid 4%,
despite the high street retailer announcing higher than expected
sales for the first quarter
(http://www.marketwatch.com/story/hennes-mauritzs-10-sales-gain-beats-forecasts-2019-03-15).
"In the last two years the company has struggled to hit its
sales targets due to large build ups in inventory. The company
appears to be succeeding in reducing these over hangs as a result
of lowering its prices," Michael Hewson chief market analyst at CMC
Markets UK told clients in a note.
Volkswagen AG (VOW3.XE) rose 0.3% as investors largely brushed
aside news the U.S. Securities and Exchange Commission charged the
German car maker with defrauding U.S. bond investors
(http://www.marketwatch.com/story/volkswagen-ex-ceo-winterkorn-face-sec-charges-of-misleading-us-investors-2019-03-15).
(END) Dow Jones Newswires
March 15, 2019 09:42 ET (13:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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