INGOT Brokers AU | European market report (2017-10-13)

European market report (2017-10-13)

European markets ended Friday’s session in mixed territories.As investors were keeping an eye on the U.S. retail sales and consumer price inflation which came below expectations.

Looking at the common currency, the euro remained mostly flat against its dollar counterpart to trade at 1.1834 at 15:00 GMT. Furthermore, the single currency fell versus Japanese Yen to trade at 132.45 at 15:00 GMT. Moreover, The euro edged lower versus the safe-haven Swiss Franc trading at 1.1534 at 15:00 GMT.

European primary benchmark Stoxx 600 gained 0.03% in Friday's session to trade at 391.70 at the close. The index found support from the Basic Materials sector that rose by nearly 1%.

Regarding individual stocks, ArcelorMittal The world's largest steelmaker was one of the best-performing stocks in the European index, surging 7.2 %. This came after China exports rose 8.1 % compared to last year, while imports surged 18.7 %, according to Reuters.

Furthermore, Tullow Oil and OMV jumped 3.5% and 7.3% respectively.As the oil prices rose nearly 1.5% in today’s session supported by the China data and tensions rising in the Middle East.

Moreover, Provident Financial skyrocketed to the top of the leading European benchmark gaining 12.42% after the company announced a recovery strategy for its home credit unit. However, the firm is still struggling with its staff shortage, and expectations state that the company is going to post a loss of $159million in 2017.

On the other hand, the British engineering firm GKN tumbled 9.8 %, after a trading in aerospace came below expectations in the third quarter, and two external claims would result in weaker-than-anticipated full-year profits in 2017.

Regarding the Brexit news, chief negotiator of the European Union's Michel Barnier said there is a "disturbing deadlock" over the amount the Britain is willing to pay before it leaves the EU.While The discussion over a future trade agreement has been suspended, probably until the European Council next meeting in December.

 

FTSE100

UK’s equities ended today’s session in red territories; London’s leading benchmark FTSE100 fell  0.28% to trade At 7,535.44. As losses in the Utilities and Industrials sectors led the index lower.

Regarding best-performing stocks, Rio Tinto one of the world's largest metals and mining corporations, rose by 3% as gold prices were at its highest this week followed by Glencore which gained 2.35%.

On Friday, the sterling rose against its U.S dollar counterpart to trade at 1.3297 at 17:00 GMT.

DAX30

German equities ended Friday’s session in green; the index hit a record high of 13,030 points for the first time in its history.

The leading German index DAX 30 gained 0.07% to end the session at 12,991.87.

Regarding best-performing stocks, Beiersdorf climbed 1.22% followed by Bayer which rose by 1.16% after BASF, The third-largest maker of crop chemicals said on Friday that it had agreed to buy Bayer's seed and herbicide business for $7 billion.

CAC40

French equities ended today’s session in red notes, Paris’s Primary benchmark CAC40 edged lower by 0. 17% to trade at 5,351.740. The French index was pressured by losses the Financial and Industrial sectors.

In terms of stock news, Airbus' shares were fell 1.23 % after the U.S. Federal Aviation Administration issued an order to airlines worldwide requiring them to inspect engines on roughly 120 Airbus A380 superjumbo jets worldwide.

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