EUROPE MARKETS: Trade Optimism Helps European Stocks Shrug Off Growth Fears
14 Febrero 2019 - 7:51AM
Noticias Dow Jones
By Mark Cobley
Most European markets rose modestly on Thursday morning, as weak
German economic data failed to entirely damp positive sentiment on
hopes of progress in U.S.-China trade talks.
Results from U.K. software group Micro Focus and pharmacuetical
company AstraZeneca also cheered investors.
How are markets performing?
The Stoxx Europe 600 gained 0.5% to 366.72, a fourth-straight
day of gains.
Within the region, France's benchmark CAC 40 index was the best
performer, rising 0.8% to 5,116.35. Germany's DAX rose 0.4% and the
U.K.'s FTSE was up 0.6%.
The euro was flat against the U.S. dollar at $1.1270, while the
British pound dropped 0.28% to $1.2808.
What's driving the markets?
As trade talks between the U.S. and China progress
(http://www.marketwatch.com/story/trump-today-president-says-hes-got-options-for-building-border-wall-as-he-calls-another-shutdown-terrible-2019-02-13),
markets have begun to anticipate a positive outcome. "Slow but
seemingly steady progress is being made on trade issues," Jasper
Lawler, head of research at London Capital Group, said in a
note.
He added: "Data showing Chinese exports unexpectedly rebounded
(http://www.marketwatch.com/story/china-exports-shoot-up-beating-expectations-2019-02-13)
at the beginning of the year helped soothe nerves over slowing
growth in the world's second largest economy."
Those indicators of good news helped investors shrug off a poor
set of GDP figures from Germany
(http://www.marketwatch.com/story/germany-narrowly-avoids-recession-in-late-2018-2019-02-14),
which showed Europe's largest economy only narrowly avoided
recession in the fourth quarter of 2018.
U.K. investors will also have half an eye on parliament today,
ahead of another set of votes on Brexit that could lead to an
embarrassing defeat
(http://www.marketwatch.com/story/brexit-brief-british-pm-may-faces-valentines-day-defeat-2019-02-14)
for Prime Minister Theresa May.
What shares are active?
British software company Micro Focus International(MCRO.LN),
which acquired Hewlett Packard Enterprise's software business in
2017, was Europe's top-performing stock on Thursday. Its shares
jumped 14% after it reported better-than-expected results
(http://www.marketwatch.com/story/micro-focus-earnings-rise-share-buyback-extended-2019-02-14)
and increased its share buyback program.
U.K. drugmaker AstraZeneca(AZN.LN) was another strong performer,
with shares up 4.9% as the firm reported a 79% jump in
fourth-quarter profits
(http://www.marketwatch.com/story/astrazeneca-profit-falls-sees-sales-growth-in-19-2019-02-14).
Helal Miah, an investment research analyst at U.K. stockbroker The
Share Centre, said in a note: "The much promised turnaround is
showing momentum, after years struggling to fend off generic
competitors to AstraZeneca's blockbuster drugs."
Shares in French carmaker Renault also rose, by 3.3%, despite a
slump in profits
(http://www.marketwatch.com/story/renault-profit-slumps-but-sees-stability-ahead-2019-02-14).
The company said its outlook for the year was "stable", as long as
a disorderly Brexit is avoided. It also said it would scrap a
EUR30m payment
(https://www.ft.com/content/6896590a-2f60-11e9-8744-e7016697f225)
to former chief executive Carlos Ghosn, according to the FT.
Swiss banking group Credit Suisse(CSGN.EB), one of the region's
largest lenders, reported it returned to profit for the first time
in four years; but poor results at its trading division continued
to weigh on the firm
(https://www.fnlondon.com/articles/credit-suisse-calls-end-to-restructuring-but-old-trading-pains-remain-20190214).
Shares fell 1.6%.
But shares in Nestle , the Swiss foods group, rose by 3.2% after
the company reported a 41.6% jump in net profits
(http://www.marketwatch.com/story/nestle-net-profit-rises-upbeat-on-outlook-2019-02-14),
helped by one-off gains from disposals coupled with improved
operating performance. It also said it will complete a planned 20
billion Swiss franc share buyback program ahead of schedule.
(END) Dow Jones Newswires
February 14, 2019 08:36 ET (13:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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