European Markets ended Monday’s session in positive territories; lifted by a significant gain in Portuguese stocks after Portugal once again returned to an investment grade rating. Moreover, investors are flocking back to riskier assets amid a cool down in risk sentiment.
Looking at the common currency, euro currency rose against the greenback to trade 1.1950 at 18:00 GMT, the single currency also appreciated against the safe-haven Japanese Yen by 0.6% to trade at 133.19 at 18:00 GMT. The EUR also advanced by 0.24% against the Swiss Franc to trade at 1.1494.
European leading benchmark Stoxx600 added 0.33% during Monday’s session to end the session at 381.95. The index found support from the gain in the Technology, Basic Materials and Industrials sector helped lift shares higher.
Standard & Poor's upgraded Portugal to investment last Friday, as a result, Portuguese stock has been outperforming its peers in the EuroZone.
Looking at specific stocks on the Stoxx, EDF saw its share price surge on Monday after Goldman Sachs upgraded its recommendation to “buy” from a previous “neutral” recommendation, the firms share price rose by 2% on the news.
Meanwhile, Airline Company Ryanair lost more than 2% after the firm announced plans to cancel between 40 and 50 flights per day until the end of October.
UK’s equities traded higher in Monday’s trading session, where FTSE100 added 0.52% to settle up at 7,253.28 as the gains in Telecommunication Services Sector helped the equities.
After Qatar decided to buy 24 Typhoon aircraft from BAE Systems PLC, the firm’s stock was the biggest gainer on FTSE 100 after its share jumped 3.94% on the news.
On Friday, the cable rose against the U.S dollar reaching its highest price since June 2016 at 1.3617. However, the streling declined against the greenback during today’s session at 1.3483 at 19:00 GMT.
German’s stocks ended today’s session in the green as the gains in Basic Materials sector pushed up the equities. DAX 30 gained 0.32% to close higher at 12,559.39.
The Chemical firm BASF SE was the second-best performer on DAX 30 after its stock added 1.46% backed by the news that the INEOS Styrolution, the global leader in styrenics, will present its latest innovations for the healthcare industry at MEDTEC China 2017, from September 20-22 in Shanghai.
Moreover, French shares ended today’s session in positive territory where CAC40 rose by 0.30% to end at 5,229.32 helped by the gains in Technology and Industrials sectors.
Sodexo SA added 2.40% in Monday’s trading session; the firm announced that the strength in Euro would have an impact on its second half results as its operating profit will remain slightly positive but less than first-half results.
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