INGOT Brokers Australia | European market report (2017-10-27)

European market report (2017-10-27)

Overview:

European markets were up on Friday on the back of the interest rate decision which released on Thursday.

The single currency fell against the greenback and the safe-haven assets Swiss Franc and Japanese yen to trade at 1.1594, 1.1576 and 131.98 at 19:00 GMT.

The primary European index STOXX 600 added 0.55 percent or 2.16 points to close Friday’s trading session in the green at 303.43 supported by the gains in all sectors except financials and Telecommunication services sectors.

Looking at individual shares, SES SA was the worst performer as its stock sank by more than 15 percent after the firm reported lower than expected operating profits for the quarter ending September 2017.

However, Europe's best performer was Kindred Group, which rose almost 12 percent after third-quarter pretax profit beat forecasts.

Also, Gemalto share rose to reach its highest price since a decade after the firm’s earnings for the third quarter came in line with expectations.

In political news, on Friday Catalonia formally declared its independence from Spain after its parliament has voted overwhelmingly in favor of independence, even as the authorities in Madrid moved to take direct control of the powerful and wealthy region.

In economic news, on Thursday ECB decided to slow down its assets purchasing program by 30 million Euro in Jan 2018 added that the assets buying program might be extending until the end of Sep. 2018.

FTSE100:

UK’s equities were up today where it main index FTSE100 advanced by 0.25 percent or 18.53 points to settle up at 7505,03 as the gains generated by all sectors except Healthcare sector pushed the shares up.

Looking at specific shares, The Royal Bank of Scotland rose more than 1 percent after it posted a better-than-anticipated operating profit for the third quarter. 

In the currency market, the sterling dropped against the U.S dollar to trade at 1.3124 at 19:00 GMT. However, the sterling rose against the Euro where EURGBP was traded at 0.8834 at 19:00 GMT.

DAX30:

Moreover, Germani stocks were higher today where its leading benchmark DAX30 gained 0.64 percent or 84.26 points to end the session in the positive territory at 13,217.54 supported by the gains in all sectors except Healthcare sector where it lost by 0.26 percent on Friday.

Looking at individual stocks, Volkswagen rose 4.5 percent after posting results that Jefferies analysts said were "strong all around."

CAC40:

French equities were also higher today where CAC40 rose by 0.71 percent or 38.730points to settle higher at 5,494.13 as all sectors were up today.

Looking at individual shares, French competitor Eutelsat sank more than 9 percent, after it said in its latest earnings report that it would be adjusting its full-year revenue expectations for 2017-2018 "from 'broadly stable' to between -1 and -2 percent".

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