EUROPE MARKETS: European Markets Tick Up As Investors Await Trade Talks
January 30 2019 - 7:46AM
Dow Jones News
By Emily Horton
German bourse lags broader market
Europe's major markets were largely up Wednesday, as investors
awaited the renewal of U.S./China trade talks and the outcome of
the latest Federal Open Market Committee meeting.
Heavyweight miners were rising.
How did markets perform?
The Stoxx Europe 600 rose slightly on Wednesday, adding 0.3% to
358.39, after finishing up 0.8% on Tuesday.
The FTSE 100 rallied 1.8% to reach 6,957.10, gaining along with
the British pound after a series of Brexit votes Tuesday night.
France's CAC 40 added 0.7% to 4,964.85, Italy's FTSE MIB Italy
index rose by 0.2% to 19,742.97.
Germany's DAX 30 (DAX) lagged behind the rest of Europe's major
indexes, losing 0.2% to 11,201.19.
The euro remained mostly unchanged, fetching $1.1422. Meanwhile,
the pound regained some lost ground to $1.3075; it had dropped on
Tuesday night after U.K. parliament voted down a series of
Brexit-deal amendments.
What drove the markets?
In the U.S., the latest Federal Open Market Committee meeting
will conclude on Wednesday. Although the Fed is expected to leave
its short-term interest rate unchanged
(http://www.marketwatch.com/story/fed-to-stress-patience-and-that-means-no-interest-rate-move-until-at-least-june-2019-01-22),
the nuances of a press conference by chairman Jerome Powell will be
closely watched.
Trade talks
(http://www.marketwatch.com/story/as-china-us-resume-trade-talks-few-indications-that-a-breakthrough-is-likely-2019-01-28)
are also set to resume between Chinese and U.S. officials in
Washington.
French growth slowed
(http://www.marketwatch.com/story/french-growth-slows-over-anti-government-protests-2019-01-30)in
the fourth quarter as anti-government protests hit business
activity, but German consumer sentiment is set to improve
(http://www.marketwatch.com/story/german-consumer-sentiment-set-to-improve-gfk-2019-01-30)
in February.
British lawmakers on Tuesday rejected proposals from
pro-European MPs to delay Brexit, but narrowly backed a broad
declaration that the government should not leave the EU without a
deal in place. Prime Minister Theresa May now has the green light
to return to Brussels to seek further changes to the Irish border
agreement, a topic the EU has repeatedly said isn't open for
negotiation.
Earnings optimism was setting up for a strong rally on Wall
Street
(http://www.marketwatch.com/story/us-stocks-point-to-gains-following-apples-results-and-as-a-fed-policy-update-looms-2019-01-30),
led by gains for Apple Inc. (AAPL) and Boeing Co. (BA) after
well-received earnings reports. That optimism also fed over to
London and European markets.
What shares were active?
Miners Rio Tinto PLC (RIO.LN)and BHP PLC (BHP.LN) gained over 2%
and Glencore PLC(GLEN.LN) added 3.7%. Fresnillo PLC (FRES.LN) was
up by 1.6%. Glencore PLC(GLEN.LN) added just under 3%.
Royal KPN NV lost around 2% on the news the telecommunications
company had swung into a loss
(http://www.marketwatch.com/story/royal-kpn-swings-to-loss-on-revaluation-cost-2019-01-30)
in the fourth quarter.
Siemens AG (SIE.XE) announced a sharp fall in its earnings
(http://www.marketwatch.com/story/siemens-earnings-drop-on-tough-comparisons-2019-01-30)
on Wednesday, dragging shares in the company down by 1%.
Spain's Banco Santander SA (SAN.MC) lost 1%, despite the bank
beating its net profit expectations
(http://www.marketwatch.com/story/santander-profit-beats-expectations-2019-01-30)
for Q4.
(END) Dow Jones Newswires
January 30, 2019 08:31 ET (13:31 GMT)
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