INGOT Brokers AU | European market report (2017-10-16)

European market report (2017-10-16)

The uncertainty of Catalonia’s situation weighed heavily on today’s trade, due to Catalonia’s President Carles Puigdemont lack of clarification on his position on the region's independence from Spain, where the European equities settled mostly mixed at today’s close following a trend –lacking trading session.

Meanwhile, the weaker European Euro as well as the improved commodity prices, which are boosted by the positive economic growth forecasts in China, kept the effect of Catalonia’s situation checked.

The pan-European Stoxx Europe 600 settled mostly unchanged at 391.41 shading 0.01 points despite its gains in the early parts of today’s trading session.



UK’s equities ended today’s session in the red territory as its primary benchmark FTSE100 fell by 0.11 percent or 8.47 points to close the session down at 7,526.97, pressured by the losses in Utilities and Industrials sectors.

Looking at specific stocks under FTSE 100 ConvaTel’s share fell sharply during today’s session as it declined by 26.6 percent after the firm cut its full-year organic revenue growth outlook.

Moreover, Tesco said that it would pay down as much as $930 billion of its debts to enhance its balance sheet. Tesco’s share rose slightly by 0.08% to close at 186.15.

In the currency market, the British pound fell against the greenback to trade at 1.3285 at 16:40 GMT.



German’s shares ended today’s session on positive notes as its primary index DAX30 added 0.09 percent or 11.83 points to settle up at 13,003.70 helped by the gains in Healthcare, Telecommunications Services, and Financials Sectors.

Looking at specific stocks, Bayer AG share was one of the best performers under DAX30 as it added 1.23 percent, where healthcare sector was up today on the back of news that drug to treat a type of liver cancer has been improved overall survival in patients in a late-stage study that prompted an independent expert group to recommend no further trial.



Also, French equities ended today’s trading session in the green territory as its leading benchmark CAC40 added 0.21 percent or 11.14 points to close the session up at 5,362.88 supported by the gains in Healthcare and Energy sectors.

Moreover, the positive news on liver cancer clinical trial has supported the French Ipsen stock added 6.1% during today’s session.


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