EUROPE MARKETS: European Stocks Turn Higher To End At New Multi-month Highs
26 October 2019 - 3:04AM
Dow Jones News
By Steve Goldstein, MarketWatch
Ifo business climate in Germany stays near 7-year low
European stocks turned higher Friday to close at the highest
level in 22 months, driven by reports of progress between the U.S.
and China on trade talks.
Showing the sensitivity of European equities to trade-war
developments, the Stoxx Europe 600 ended with a gain of 0.2% to
398.01
The German DAX rose 0.17% to 12894.51, the French CAC 40
increased 0.67% to 5722.15 while the U.K. FTSE 100 fell 0.05% to
7324.47.
Reports of a high-level call between U.S. Trade Representative
Robert Lighthizer, Treasury Secretary Steven Mnuchin and China Vice
Premier Liu He gave a lift to stocks in the U.S. and Europe. The
spillover from the U.S.-China trade war has hit Europe, and in
particular German, growth.
The Ifo business climate index for Germany stayed unchanged in
October at a reading of 94.6, which was slightly higher than
economist expectations but also not much above the 7-year-low
registered in August. A survey released Friday by the European
Central Bank of professional forecasters reported lower
expectations both of inflation and GDP growth.
Electrolux shares (ELUX-B.SK) rose 6% as its 32% slump in
third-quarter operating profit wasn't as steep as forecast. The
maker of refrigerators and washing machines said price increases
have been able to offset the hit from raw materials increases,
trade tariffs and currency.
Shares of Kering (KER.FR) surged nearly 9%, the strongest
one-day percentage gain for the company in two years, as the French
luxury goods group reported 11.6% comparable-sales growth in the
third quarter, driven by sales growth at Gucci.
Shares of toilet paper and diaper maker Essity jumped nearly
6%,as it reported organic sales increased 5.9% and its adjusted
operating margin rose 2.6 percentage points in the third
quarter.
Shares of Anheuser-Busch InBev (ABI.BT) (ABI.BT) dropped 11%,
the biggest drop in over a decade, as the brewer reported flat
EBITDA on a comparable basis during the third quarter, with revenue
up 2.7% and volume growth down 0.5%. Anheuser-Busch InBev said it
expects the additional headwinds faced in the third quarter will
continue into the fourth quarter, as it now forecasts "moderate"
growth in EBITDA for the year versus a previous characterization of
"strong."
(END) Dow Jones Newswires
October 25, 2019 11:49 ET (15:49 GMT)
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