EUROPE MARKETS: European Markets Edge Up As G-20 Begins
28 Junio 2019 - 6:53AM
Noticias Dow Jones
By Dave Morris
Merlin Entertainment surges on buyout offer
European markets edged upward on Friday as investors were
cautiously optimistic that the G-20 summit would see the easing of
trade tensions.
How did markets perform?
The Stoxx 600 rose 0.3% to 383.2, after closing flat on
Thursday.
The U.K.'s FTSE 100 was also up 0.3%, at 7,423.8, following
Thursday's decline of 0.2%.
The pound was flat at $1.2674, after also closing flat on
Thursday.
In Germany, the DAX climbed 0.5% to 12,332.8 after edging up
0.2% Thursday.
France's CAC 40 increased 0.3% to 5,508.4, erasing Thursday's
0.1% decline.
Italy's FTSE MIB improved by 0.4% to 21,185.2, adding to a 0.3%
increase Thursday.
Oil prices recovered after slumping early Friday. The West Texas
Intermediate (WTI) crude oil benchmark was flat at $59.45/bbl.,
while Brent crude was up 0.1% to $66.63/bbl.
What's moving the markets?
The G-20 summit in Osaka, Japan kicked off with Reuters
reporting that the session's first working lunch
(https://www.reuters.com/article/us-g20-summit-economy/many-g20-heads-voiced-concern-over-trade-tensions-global-growth-japan-government-idUSKCN1TT0PI?il=0)
highlighted stark differences in positions among several world
powers. While a Japanese official told reporters that the countries
agreed that the group needed to drive global growth, a Russian
official present described work on the final communiqué as "not
easy" amid dissension over issues from climate change to
information security.
Describing his expectations for talks at the summit with Chinese
President Xi Jinping about the continuing trade dispute, U.S.
President Donald Trump said: "At a minimum it will be
productive."
The Times divulged Boris Johnson's plan for an emergency budget
(https://www.thetimes.co.uk/article/stamp-duty-slashed-in-boris-johnson-no-deal-budget-tg7x050x9)
to prepare the U.K. for a possible no-deal Brexit, intended to have
the economy "going gangbusters" by the time the country left. The
newspaper reported that the former Foreign Secretary and currently
top candidate in the Conservative Party leadership race had offered
his ousted leadership rival, Home Secretary Sajid Javid, the post
of Chancellor of the Exchequer to implement the plan. The result of
the leadership contest is expected on July 22.
The U.K. Office of National Statistics confirmed that the
country's economy grew 1.8% in the first quarter
(http://www.marketwatch.com/story/uk-growth-unrevised-in-first-quarter-2019-06-28-44855921)
compared to the same period a year ago, unrevised from the earlier
estimated figure. The office said the rise was consistent with
stockpiling ahead of the aborted March 29 Brexit deadline, and
noted that household consumption was higher.
Which stocks are active?
Kirkibi Invest, the private company that owns toy maker Lego
A/S, has teamed up
(http://www.marketwatch.com/story/blackstone-lego-owner-in-6b-madame-tussauds-deal-2019-06-28)
with the Canada Pension Plan Investment Board and U.S. private
equity company Blackstone Group LP (BX) to purchase Merlin
Entertainments PLC (MERL.LN), the second biggest visitor-attraction
operator in the world, for GBP4.8 billion. Merlin's businesses
include a series of Legoland theme parks as well as London icons
including Madame Tussaud's and the Coca-Cola London Eye. Merlin
shares jumped 14%.
German newspaper Handelsblatt reports
(http://www.marketwatch.com/story/bmw-mulls-ceos-future-freezes-new-hires-report-2019-06-28)
that the board of BMW AG (BMW.XE) is considering extending CEO
Harald Krueger's term to beyond 2020. The report also says the auto
maker is putting in place a hiring freeze to see off the prospect
of job losses. BMW shares were down 0.5%.
Traton SE (8TRA.BE) shares sank below their offer price as the
market debut of the truck and bus unit
(http://www.marketwatch.com/story/vws-traton-shares-slide-lower-in-market-debut-2019-06-28)
of Volkswagen AG (VOW3.XE) proved a disappointment. Traton shares
were trading at EUR26.65, compared with the offer price of EUR27.
The new company, whose brands include Man and Scania, is one of the
world's largest truck manufacturers.
Despite moving back higher, the briefly falling oil price
boosted airlines including International Consolidated Airlines
Group SA (IAG.LN) whose shares were up 3.4% in the session and
EasyJet PLC (EZJ.LN) which rose 1.9%.
(END) Dow Jones Newswires
June 28, 2019 07:38 ET (11:38 GMT)
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