Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Indexes & Markets

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

European stocks hit two-week high as Trump update lifts global mood

10/05/2020 | 12:15pm EST
The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares closed at a two-week high on Monday, as positive updates on U.S. President Donald Trump's health, a U.S. stimulus package and a spate of dealmaking activity lifted investor spirits.

The pan-European STOXX 600 index gained 0.8%, extending gains from last week. Sectors considered more economically sensitive such as oil and gas, travel and leisure, and automakers boosted the main markets.

That was despite a 36.2% plunge in Cineworld after the world's second-biggest cinema chain said it would close all of its UK and U.S. movie theatres later this week, leaving as many as 45,000 workers unemployed.

Oil majors Royal Dutch Shell, BP and Total surged, with crude prices jumping more than 6%. [O/R]

Investors took heart from signs that Trump's health is improving after he tested positive for COVID-19 on Friday, news that sent financial markets into a tailspin.

Doctors treating Trump said he could be sent back to the White House as soon as Monday, although outside experts warn that his case may be severe, raising uncertainty about the outcome of the Nov. 3 presidential election and a new U.S. fiscal stimulus being debated by lawmakers in Washington.

"Markets may remain choppy over the coming weeks," said Graham Secker, chief European equity strategist at Morgan Stanley.

"Once we get some clarity on the U.S. election, Brexit and vaccine front, I think that's going to be a positive catalyst for market.

"In the next 3-6 months view, this is a market where you'd want to buy into the weakness because we do expect 2021 to be quite a lot better than what we have been seeing this year."

Telecom stocks rose the most among sectors, with Vodafone up 4.7% after its lenders approved the merger of India's Bharti Infratel and Indus Towers, in which Vodafone has a stake.

Madrid-listed stocks outperformed with 1.2% on reports of consolidation in the banking sector.

Unicaja jumped 15.1% after it confirmed reports that it was in preliminary talks for a potential merger with its peer Liberbank, which surged 13.6%.

Italy's Nexi rose 3.1% after SIA and it agreed a long-awaited merger to create a dominant domestic payments group with 1.8 billion euros ($2 billion) in revenue.

French waste and water utility Suez fell 4.2% after investment fund Ardian decided not to make a bid in competition with bigger rival Veolia.

(Reporting by Sruthi Shankar; editing by Uttaresh.V and Ed Osmond)

By Sruthi Shankar

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI INFRATEL LIMITED 0.25% 218.9 Delayed Quote.-13.52%
BP PLC 8.42% 274.8 Delayed Quote.-46.26%
CINEWORLD GROUP PLC 6.69% 59 Delayed Quote.-74.76%
EURO / BRITISH POUND (EUR/GBP) 0.01% 0.89041 Delayed Quote.5.48%
EURO STOXX 50 1.30% 3507.98 Delayed Quote.-7.53%
LIBERBANK, S.A. 2.00% 0.281 Delayed Quote.-17.76%
LONDON BRENT OIL 4.63% 47.92 Delayed Quote.-31.62%
MORGAN STANLEY 5.53% 63.6 Delayed Quote.17.90%
NEXI S.P.A -1.28% 15.4 Delayed Quote.26.01%
ROYAL DUTCH SHELL PLC 5.82% 15.608 Delayed Quote.-43.63%
STOXX EUROPE 600 0.91% 392.39 Delayed Quote.-6.49%
STOXX EUROPE 600 NR 0.92% 863.91 Delayed Quote.-4.62%
SUEZ SA 0.00% 16.24 Real-time Quote.20.43%
TOTAL SE 5.66% 38.165 Real-time Quote.-26.59%
UNICAJA BANCO, S.A. 1.59% 0.704 Delayed Quote.-28.41%
VEOLIA ENVIRONNEMENT 1.21% 18.8 Real-time Quote.-21.66%
VODAFONE GROUP PLC 2.74% 125.32 Delayed Quote.-16.88%
WTI -0.04% 44.765 Delayed Quote.-30.81%
Latest news "Markets"
05:14pInside Tuesday's Historic Dow Move -- Update
04:51pInside Tuesday's Historic Dow Move
04:43pDow Jones Industrial Average Crosses 30000 for First Time
04:42pWALL STREET STOCK EXCHANGE : Dow scales 30,000 on vaccine headway, Biden transition
04:21pInside Tuesday's Historic Dow Move
04:16pTSX rises 1.02% to 17,268.29
04:00pDow Jones Industrial Average Hits 30000 for the First Time
02:45pDow Jones Industrial Average Hits 30000 for the First Time
02:31pANALYSIS : Dow cracks 30,000, a psychological boost during a pandemic
01:51pWALL STREET STOCK EXCHANGE : Dow touches 30,000 in global stock surge
Latest news "Markets"