Looking for a rebound from previous losses

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LONDON – European markets advanced on Friday morning, seeking to rebound from steep losses in the previous session, with the rapid spread of the coronavirus across the continent remaining on investors’ radar.

The pan-European Stoxx 600 climbed 0.8% by mid-morning as autos jumped 2.5% to lead gains while telecommunications resisted the uptrend to fall 0.5%.As countries across Europe reimpose social restrictions amid a peak in Covid-19 cases and hopes dwindle due to a U.S. stimulus deal, markets fell on Thursday.

US President Donald Trump on Thursday suggested he was prepared to increase the package by $ 1.8 trillion in an attempt to gain approval from Congressional Democrats, but the suggestion was rejected by the majority leader Republican in the Senate, Mitch McConnell.

European stocks are breaking trend overnight in Asia, where markets mostly fell as rising coronavirus cases in Europe and the United States continued to temper sentiment.

Back in Europe, the European Union urged the UK to cede ground in negotiations over a new trade relationship or face major trade disruption at the end of the year, a move the Great -Brittany described as “disappointing”.

In business news, the United States has proposed to remove tariffs on whiskey, wine and other European Union products if Airbus repays billions of dollars in aid to European governments, a Reuters reported citing sources familiar with the matter.

Daimler beat third-quarter profit guidance on Thursday thanks to a strong September and a faster-than-expected industry recovery.

On the data front, the August trade balance and September inflation rates for the euro zone are due at 10 a.m. London time.

The biggest movers

Thyssenkrupp shares rebounded more than 15% in early trading after announcing Britain’s Liberty Steel was lining up a takeover bid for the German conglomerate’s beleaguered steel unit.

At the other end of the blue-chip European index, Getinge fell 9% after reporting lower fan orders, despite soaring third-quarter earnings, while Galapagos shares fell 8, 8% after Credit Suisse and KBC Securities cut the price of the Belgian pharmaceutical company. target.

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