European equities ended Monday’s session in the green, as the concerns regarding the geopolitical issues between North Korea and the United States have been eased. Moreover, investors reacted on the economic impact of Hurricane Irma.
After European Central Bank Executive Board member Benoit Coeure announced that the shock in EURO currency might affect the inflation of Eurozone, EUR declined against the greenback at 1.1958.
European Stoxx 600 index gained 1.04% supported by the gains in Financials sectors, insurance firms such as Beazley, Swiss RE, and Munich RE were the top gainers under Stoxx 600 index where each of them surged by 4% or higher.
Insurance sector added 2.15% in today’s session as the AIR Worldwide reported that they expect the insured losses from Hurricane Irma to shrink to 20-40 million U.S dollar.
In the healthcare sector, After Lundbeck’s CEO decided to resign from his position to join the Israeli drug Company Teva, Lundbeck’s stock declined by 13.8% to reach the bottom of the European benchmark. Moreover, the share of Roche dropped during today’s session by 1.27% after the trials of skin cancer treatment have failed.
FTSE 100 added 0.49% to settle up at 7,413.59, supported by the gains in Basic Materials and Healthcare sectors.
AstraZeneca PLC share rose by 2.08% after the firm reported on Saturday that two of its drugs tackling lung cancer had delivered impressive clinical results.
During today’s session, GBP was steady against the U.S dollar at 1.3191, while it rose against EUR at 1.1018 reaching its highest level in three weeks and a half on the back of news that BOE sound more hawkish on interest rate this week.
DAX30 rose today by 1.39% reaching 12,475.24 as all sectors finished today’s session in the green. Moreover, today’s gainers outnumbered losers by 29 to 1.
Only Daimler AG stock ended today’s session in the red pressured by news that five states in U.S are suing the Federal Government for delaying the rollout of higher "gas-guzzler" penalties for automakers building new vehicles failing to meet minimum fuel-economy standards.
The insurance firm Munich Re was the biggest gainer under DAX30 as its stock added 4.07% on the back of AIR Worldwide report.
CAC 40 advanced by 1.24% to settle higher at 5,176.71 as the whole sectors under the benchmark gained today except Healthcare sector.
Moreover, only Sanofi SA and Publicis Groupe SA shares declined today after late-stage trial data for their asthma drug, dupilumab, fell short of investor expectations.
According to Reuters, The drug, which is approved for atopic dermatitis, met its two main goals in patients with uncontrolled, persistent asthma. But analysts said the data appeared less impressive than the drug's mid-stage data.
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