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EUROPE MARKETS: European Markets Bounce Back After Apple Wobble

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01/04/2019 | 05:51am EDT

By Emily Horton

European markets bounced back on Friday after Apple's sales downgrade triggered a downward spiral for global markets.

Oil stocks have gained but media and manufacturing stocks remain under pressure.

What did markets do?

All European markets were in the green on Friday, with the Stoxx Europe 600 up 1.2% at 338.06, after finishing down 1% on Thursday.

The U.K.'s FTSE 100 jumped by 1.1% to 6,765.42 and France's CAC 40 rose by 1.2%%. Germany's Dax 30 rose by 1.5% to 10,576.23.

Italy's FTSE MIB Italy index was the biggest regional gainer, adding 1.8% to 18,550.28.

The euro climbed to $1.1414 from $1.1395 late in New York on Thursday, while the pound rose to $1.2671 from $1.2634.

What is driving the markets?

The likelihood of a global economic slowdown has started to sink into the markets, after Apple announced a surprise sales projection downgrade late Wednesday. CEO Tim Cook attributed a sharp fall in iPhone revenue to the reduction in Chinese consumer spending.

But there was better news for the Chinese economy on Friday; China's service sector expanded at a slight quicker rate in December, according to Caixin China services purchasing manager's index. Trade negotiations between China and the U.S. are also set to resume on Monday, Bloomberg News reported (https://www.bloomberg.com/news/articles/2019-01-04/china-u-s-to-hold-vice-minister-level-trade-talks-jan-7-to-8?srnd=premium).

In the U.S., House Democrats on Thursday passed a spending package in an attempt to end a partial government shutdown. But they did so without funding for President Donald Trump's U.S./Mexico border wall. House Speaker Nancy Pelosi said the "wall is an immorality. It isn't who we are as a nation."

What stocks are active?

Pharmaceutical stock Galapagos gained 5%. In the energy sector, John Wood Group jumped by 4% and Norway-listed oil company Aker BP (AKERBP.OS) gained just over 4%

Media stocks took a hit on Friday, with Germany's ProSiebenSat.1 Media down 5% and ITV falling by 2%.

German manufacturer Osram Licht lost 3%.

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP -0.62% 224.8 Delayed Quote.3.76%
APPLE -0.73% 192.74 Delayed Quote.22.19%
CAC 40 0.16% 5376.11 Real-time Quote.13.46%
DAX -0.22% 12069.93 Delayed Quote.14.56%
EURO STOXX 50 -0.07% 3377.13 Delayed Quote.12.59%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GALAPAGOS -1.84% 106.6 Delayed Quote.34.81%
ITV 0.48% 105.75 Delayed Quote.-15.70%
JOHN WOOD GROUP -1.78% 390.4 Delayed Quote.-21.41%
OSRAM LICHT 0.56% 25.3 Delayed Quote.-33.65%
PROSIEBENSAT.1 MEDIA 0.03% 14.485 Delayed Quote.-6.88%
STOXX ITALY 45 (EUR) -0.09% 92.79 Delayed Quote.11.94%
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