Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

European shares rise on Brexit, trade deal hopes; LVMH shines

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/10/2019 | 12:32pm EDT
The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares rose on Thursday as signs of progress in U.S.-China trade talks and hopes of a Brexit deal helped investors look past weak economic data and negative corporate updates.

Trade-sensitive commodity-linked stocks <.SXPP> and autos <.SXAP> led the charge, surging more than 2% each, while upscale retailers also rallied and banks <.SX7P> posted their best day in a month.

Investors took heart after U.S. President Donald Trump tweeted he would meet Chinese Vice Premier Liu He on Friday for further trade talks, confirming the Chinese delegation would not be cutting the two-day negotiations short.

"The gulf between the two sides is wide, but a willingness to sit down and negotiate has injected some hope into the markets," said David Madden, a market analyst at CMC Markets UK.

The pan-regional STOXX 600 index <.STOXX> closed up 0.7%. Louis Vuitton owner LVMH's 5.6% jump on strong sales was the biggest boost to the index and lifted stocks across the luxury goods sector.

Gucci-owner Kering, Burberry, Christian Dior and Moncler climbed between 0.7% and 4.2%, with the Paris listed names pushing the French index <.FCHI> to its best day in six-weeks.

The latest trade comments fueled optimism that had been dulled after China urged the United States to stop unreasonable pressure on Chinese companies. The South China Morning Post also reported that the two sides made no progress in deputy-level trade talks earlier in the week.

Without significant progress, the next round of U.S. tariff hikes on $250 billion worth of Chinese goods will take effect on Oct. 15.

Frankfurt's export reliant DAX <.GDAXI> rose 0.6%, reversing losses posted after data showed a steeper-than-expected fall in Germany's August exports.

London's FTSE 100 climbed 0.3%, despite a rallying pound, after the UK and Irish Prime Minsters said they saw a pathway to a possible Brexit deal after a last-ditch meeting aimed at finding a way for the United Kingdom to leave the European Union in an orderly way. [GBP/]

There was a clear move out of defensives with utilities <.SX6P> and food and beverages <.SX3P> both losing around 0.4%, while a batch of bad news for healthcare companies hurt the healthcare index <.SXDP>.

Danish biosciences company Chr. Hansen hit its lowest level in a year and a half, sliding to the bottom of the STOXX 600 index after saying next year's organic sales growth would fall short of long-term guidance.

Health technology company Philips lost 8.8% after the firm said it would miss its 2019 target for profit margin improvement.

(Reporting by Medha Singh and Susan Mathew in Bengaluru; Editing by Patrick Graham and Kirsten Donovan)

By Susan Mathew

Stocks mentioned in the article
ChangeLast1st jan.
BURBERRY GROUP PLC -2.04% 1876 Delayed Quote.8.10%
CHRISTIAN DIOR SE -0.91% 437 Real-time Quote.30.88%
CHRISTIAN HANSEN HOLDING A/S -3.38% 526.4 Delayed Quote.-5.52%
DAX -0.17% 12633.6 Delayed Quote.19.65%
EURO STOXX 50 -0.26% 3579.41 Delayed Quote.19.56%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
KERING -1.67% 469.65 Real-time Quote.14.10%
LVMH MOËT HENNESSY VUITTON SE 0.08% 375.05 Real-time Quote.45.26%
MONCLER S.P.A. -3.42% 32.17 End-of-day quote.15.14%
ROYAL PHILIPS 0.00% 39.07 Delayed Quote.26.32%
STOXX EUROPE 600 -0.32% 391.84 Delayed Quote.16.42%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
10/18WALL STREET STOCK EXCHANGE : Stocks Drop on China Data
DJ
10/18MARKET SNAPSHOT: Dow Ends Lower Pressured By Boeing, Johnson & Johnson, Despite Good Earnings
DJ
10/18JPMORGAN CHASE, FACEBOOK, COCA-COLA : Stocks That Defined the Week
DJ
10/18WALL STREET STOCK EXCHANGE : Stocks Drop on China Data
DJ
10/18TSX falls 0.30% to 16,377.12
RE
10/18WALL STREET STOCK EXCHANGE : Stocks Waver on China Data
DJ
10/18WALL STREET STOCK EXCHANGE : Stocks Waver on China Data
DJ
10/18EUROPE : String of weak earnings leave European stocks barely up on the week
RE
10/18WALL STREET STOCK EXCHANGE : U.S. Stocks Waver on Earnings, China Data
DJ
10/18LONDON STOCK EXCHANGE : FTSE feels IHG's pain amid caution ahead of Brexit vote
RE
Latest news "Markets"