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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Euro Stoxx 50       EU0009658145

EURO STOXX 50

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European shares at record high on China tariff cut plans, robust bank results

02/06/2020 | 12:36pm EST
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

Euro zone banks led European shares to new highs on Thursday amid a broader rally in global stocks prompted by China's move to halve additional tariffs on some U.S. goods.

The pan-European STOXX 600 index extended gains to a fourth session and closed up 0.4% at 425.49 - an all-time high - but retreated slightly from 426.70 hit earlier in the session as a decline in oil prices weighed on energy majors. [O/R]

Beijing said it would lower extra levies imposed last year on 1,717 U.S. products, weeks after the signing of a Phase 1 trade deal that brought a truce to a bruising trade war between the world's two largest economies.

Trade-sensitive basic resources and technology sub-sectors in Europe rose about 0.7% and 0.5%, respectively.

Beijing's decision also brewed some optimism over lessening the economic shock from a coronavirus outbreak that has killed over 500 people and caused widespread disruptions to China's economy.

Lenders Unicredit, DNB and Nordea Bank all rallied more than 6% after reporting strong quarters. Germany's Deutsche Bank posted its best day in more than eight years after revealing that a new shareholder, Los Angeles-based Capital Group, took a 3.1% stake in the company.

All this saw the euro zone banks index <.SX7E> post its biggest daily gain in a month. Italy's bank-heavy MIB jumped 1% to close its highest in nearly two years with Fiat Chrysler's 0.8% rise adding to the rise.

Drugmaker Sanofi was the biggest boost to STOXX 600 as well as the main index in Paris after it forecast further profit growth for 2020. Oil major Total 1% rise on beating quarterly results also lifted French stocks.

Worries over coronavirus shaved 3% off the STOXX 600 last week, but the benchmark is now on pace to log its biggest weekly gains since December 2016.

Ingo Schachel, head of equity research at Commerzbank, highlighted a strong rebound in cyclical shares.

"It's still a tough time for cyclicals but some of the bellwethers like ArcelorMittal have surprised markets with reasonably good numbers."

The steelmaker soared 11% after reporting a bigger-than-expected annual profit and its lowest-ever level of debt.

Swiss shares also scaled new highs on Thursday, with telecom firm Swisscom in the lead after reporting a near 10% rise in full-year income.

But not all earnings shone as brightly. Swedish security companies Securitas and Assa Abloy slipped after reporting a slowdown in organic sales growth.

By Susan Mathew


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -2.18% 19.736 Real-time Quote.6.91%
ASSA ABLOY AB 0.14% 209.1 Delayed Quote.3.06%
AT HOME GROUP INC. -2.95% 22.73 Delayed Quote.47.02%
BEST INC. -3.83% 2.01 Delayed Quote.-1.47%
COMMERZBANK AG 0.59% 5.814 Delayed Quote.9.76%
DEUTSCHE BANK AG -2.10% 9.482 Delayed Quote.8.19%
DNB ASA 0.45% 169.15 Real-time Quote.0.24%
EURO STOXX 50 0.15% 3608.12 Delayed Quote.1.41%
FIAT CHRYSLER AUTOMOBILES N.V. -4.35% 12.57 Delayed Quote.-14.26%
LONDON BRENT OIL 0.97% 55.28 Delayed Quote.6.15%
NORDEA BANK ABP 0.18% 71.21 Delayed Quote.5.74%
SANOFI 2.62% 83.77 Real-time Quote.3.72%
SECURITAS AB -0.04% 134.25 Delayed Quote.1.24%
STOXX EUROPE 600 0.03% 408.84 Delayed Quote.2.42%
STOXX EUROPE 600 NR 0.03% 901.63 Delayed Quote.2.47%
SWISS RE LTD -1.25% 83.46 Delayed Quote.1.39%
SWISSCOM AG -0.10% 477.2 Delayed Quote.0.13%
THE LEAD CO., INC. -1.90% 826 End-of-day quote.-1.67%
TOTAL SE 0.47% 37.165 Real-time Quote.4.76%
UNICREDIT S.P.A. 1.17% 7.864 Delayed Quote.1.61%
WTI 0.33% 52.471 Delayed Quote.8.19%
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Chart EURO STOXX 50
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Technical analysis trends EURO STOXX 50
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Top / Flop EURO STOXX 50
PROSUS N.V. 95.98 Real-time Quote.3.20%
DANONE S.A 56.24 Real-time Quote.2.78%
SANOFI 83.77 Real-time Quote.2.62%
CRH PLC 37.44 Real-time Quote.2.49%
KONINKLIJKE PHILIPS N.V. 45.635 Real-time Quote.1.97%
BANCO SANTANDER, S.A. 2.708 Real-time Estimate Quote.-1.10%
AMADEUS IT GROUP, S.A. 55.54 Real-time Estimate Quote.-1.38%
ING GROEP N.V. 7.854 Real-time Quote.-1.44%
LINDE PLC 258.09 Delayed Quote.-2.12%
KERING SA 548.8 Real-time Quote.-2.52%
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