EUROPE MARKETS: Europe Markets Higher On U.S.-China Trade Hopes
26 Junio 2019 - 6:53AM
Noticias Dow Jones
By Dave Morris
European markets increased as optimism grew regarding U.S.-China
trade talks at the coming G-20 summit.
How did markets perform?
The Stoxx 600 was up 0.2% to 384.2 after edging down 0.1%
Tuesday.
The U.K.'s FTSE 100 was flat at 7,421.3. On Tuesday it ticked up
by 0.1%.
The pound gained 0.1% to $1.2703 after closing on Tuesday down
0.3%.
In Germany, the DAX swelled by 0.6% to 12,310.8. It slumped 0.4%
Tuesday.
France's CAC 40 increased 0.3% to 5,528.5. It moved down 0.1%
Tuesday.
Italy's FTSE MIB moved up 0.5% to 21,232.8, after falling 0.7%
Tuesday.
What's moving the markets?
U.S. Treasury Secretary Steven Mnuchin told CNBC
(https://www.cnbc.com/2019/06/26/mnuchin-says-us-china-trade-deal-is-90-percent-complete.html)
that a trade deal with China was "90% of the way there" when talks
broke off. Speaking in Bahrain, Mnuchin said he expected U.S.
President Donald Trump and Chinese President Xi Jinping would make
progress on a deal at the G-20 summit in Japan later this week.
According to a Reuters report,
(https://uk.reuters.com/article/uk-usa-trade-china/u-s-aims-to-restart-china-trade-talks-will-not-accept-conditions-on-tariff-use-idUKKCN1TR00D?il=0)
however, the U.S. side is not going into talks with the intention
of bringing concessions, and the Chinese side has publicly said
both sides should make compromises.
U.S. Federal Reserve chairman Jerome Powell gave a speech
Tuesday
(http://www.marketwatch.com/story/powell-says-the-fed-is-grappling-with-whether-to-cut-interest-rates-2019-06-25)
indicating that the central bank had not yet decided to cut
interest rates, dampening investors' enthusiasm over a potential
loosening of policy. "The question my colleagues and I are
grappling with is whether these uncertainties will continue to
weigh on the outlook and thus call for additional policy
accommodation," Powell said.
Former U.K. foreign secretary Boris Johnson
(https://uk.reuters.com/article/uk-britain-eu-johnson/boris-johnson-pledges-brexit-in-october-with-or-without-deal-idUKKCN1TP2SP?il=0)
said potential European Union tariffs that could emerge in a
no-deal Brexit scenario would be "bizarre" and "a return to
Napoleon's continental system". The leading candidate for head of
the Conservative Party and by extension, Prime Minister, said in a
radio interview that while he was not seeking a no-deal Brexit, the
U.K. needed to be prepared for such an outcome in order for the EU
to understand how serious the U.K. side is.
In economic data, Germany's forward-looking GfK consumer
confidence survey for July came in at 9.8
(http://www.marketwatch.com/story/german-consumer-sentiment-set-to-weaken-in-july-2019-06-26),
below the consensus expectation of 10 and the lowest figure since
2017. By contrast, in France, consumer confidence for June was 101
versus a consensus of 100.
Which stocks are active?
Schneider Electric SE (SU.FR) confirmed its full-year 2019
targets at its capital markets day
(http://www.marketwatch.com/story/schneider-backs-2019-target-2019-06-26).
The electrical products making company said it was aiming to expand
productivity, measured by its adjusted Ebitda margin, which it said
it would improve by 200 basis points at constant exchange rates.
Shares in the French company climbed 1.2%.
John Wood Group PLC (WG.LN) said performance for the half-year
was up in year over year terms
(http://www.marketwatch.com/story/wood-group-performance-ahead-of-prior-year-2019-06-26),
and confirmed its guidance for the full year. The oil services
company said it expected revenue to grow in the second half of the
year in addition to seeing $60 million in cost synergies. Shares
were up 5.5%
Ryanair Holdings PLC (RY4C.DB) announced it was changing its
share buyback scheme
(http://www.marketwatch.com/story/ryanair-amends-uk-investor-share-buyback-terms-2019-06-26)
so that the budget airline company could purchase shares privately
from investors in events such as a no-deal Brexit. Its shares rose
0.6%.
(END) Dow Jones Newswires
June 26, 2019 07:38 ET (11:38 GMT)
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