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EUROPE MARKETS: Banks Drive European Markets Higher As Investors Monitor Brexit Developments

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10/21/2019 | 11:29am EST

By Barbara Kollmeyer, MarketWatch

SAP and Wirecard also climbing

European stocks traded modestly higher on Monday, with banks in the lead as investors braced for another week of Brexit headlines, while software company SAP AG gained after reporting its results.

The Stoxx Europe 600 rose 0.5% to 393.76, despite sharp losses for Wall Street on Friday.

The German DAX rose 0.7% to 12,727.90, the French CAC 40 was up 0.2% to 5,647.43 and the U.K. FTSE 100 was up 0.2% at 7,163.03.

The pound shook off earlier losses and last traded flat at $1.2982, amid optimism that U.K. Prime Minister Boris Johnson may have enough votes to push his Brexit deal through. Dow Jones Industrial Average futures rose 0.2% to 7,904.75.

After a crucial parliamentary vote failed to get off the ground on Saturday, Johnson was forced to send a letter to the EU asking for a three-month Brexit delay. Johnson, who is opposed to any delay, wanted to to win parliamentary approval for his plan on Monday as the Oct. 31 Brexit deadline draws nearer. However, that bid was rejected when the Speaker of the House John Bercow refused to allow it.

Opinion:Johnson lost again. But his Brexit deal is likely to succeed

Stocks on the move included SAP AG (SAP.XE), which rose 1.3% after the German business software maker reported a 28% rise in third-quarter net profit and reiterated its guidance for 2019.

Also in Germany, Wirecard AG rallied 6% after the payment company said it had commissioned an independent audit following an Financial Times article that questioned its accounting practices.

At the bottom, shares of Smith & Nephew (SN.LN) fell 8% after the medical device maker said chief executive Namal Nawana will step down at the end of the month.

And shares of U.K. insurer Prudential slid 9% as it completes its demerger from M&G, which will mean two separate listed companies.

Stocks mentioned in the article
ChangeLast1st jan.
CAC 40 0.65% 5939.27 Real-time Quote.24.74%
DAX 0.47% 13241.75 Delayed Quote.25.41%
DJ INDUSTRIAL 0.80% 28004.89 Delayed Quote.19.10%
EURO STOXX 50 0.62% 3711.61 Delayed Quote.22.90%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
NASDAQ 100 0.70% 8315.523102 Delayed Quote.30.46%
NASDAQ COMP. 0.73% 8540.828717 Delayed Quote.27.79%
PRUDENTIAL PLC 0.27% 1311.5 Delayed Quote.-6.46%
S&P 500 0.77% 3120.46 Delayed Quote.24.48%
SAP AG 0.86% 122.6 Delayed Quote.41.03%
SMITH & NEPHEW PLC -0.06% 1654.5 Delayed Quote.13.01%
WIRECARD AG 0.04% 122 Delayed Quote.-8.13%
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