EUROPE MARKETS: DAX On Track For Another Record As Bayer Rises On Deal News
13 Octobre 2017 - 11:36AM
Dow Jones News
By Carla Mozee, MarketWatch
European stocks head for weekly win
European stocks rose Friday, as Bayer AG shares gained on news
the German conglomerate has reached a multibillion-euro deal to
sell parts of its business, putting the DAX on track for another
record close.
Mining stocks advanced after upbeat import data from major
metals consumer China.
What stocks are doing: The Stoxx Europe 600 index added 0.3% to
391.55, led by the basic materials, oil and gas and telecom
sectors. But health care and financial shares were losing the
most.
On Thursday, the pan-European benchmark closed fractionally
higher
(http://www.marketwatch.com/story/spanish-stocks-pull-back-after-rally-as-other-european-markets-struggle-for-direction-2017-10-12)
and was on track Friday to rise 0.5% for the week.
Miners boosted: The Stoxx 600 Basic Resources Index leapt 1.5%
on Friday as shares of mining companies marched higher. The moves
came after a report showed Chinese imports rose 18.7%, beating
forecasts
(http://www.marketwatch.com/story/china-exports-up-9-for-7th-month-of-growth-2017-10-13),
as exports also grew. China is a major buyer of industrial and
precious metals.
Shares of ArcelorMittal SA (MT) jumped 2.7%, Rio Tinto PLC (RIO)
added 1.3%, and Glencore PLC (GLEN.LN) bulked up 0.8%.
"Seasonal factors helped to boost year-on-year trade growth last
month. But there are also hints of a real pick-up in domestic
demand, perhaps due to efforts to shore up activity ahead of the
Party Congress," said Julian Evans-Pritchard, China economist at
Capital Economics, in a note.
Communist Party officials will meet in Beijing on Oct. 18 for
the high-profile, week-long 19th Party Congress, where they will
reveal plans for the economy.
Stock movers: Bayer AG (BAYN.XE) was up 1.2% after BASF SE
(BAS.XE) said it has reached an agreement to buy significant parts
of Bayer's seed and herbicide businesses
(http://www.marketwatch.com/story/basf-to-buy-significant-parts-of-bayer-businesses-2017-10-13)
for 5.9 billion euros ($6.99 billion). BASF shares slipped
0.6%.
GKN PLC shares (GKN.LN) dropped 6.9%. The engineering group said
Friday its third-quarter margin performance was lower than a year
ago
(http://www.marketwatch.com/story/gkn-margins-squeezed-by-north-america-challenges-2017-10-13),
mainly because of operational challenges in its North American
aerospace division.
Provident Financial PLC (PFG.LN) rallied 16% after the lender
said its Vanquis Bank division delivered good growth
(http://www.marketwatch.com/story/provident-scraps-2017-dividend-on-doorstep-issues-2017-10-13)
in the third quarter and was upbeat on prospects for its Satsuma
online loans unit. Provident, which is battling problems in its
doorstep-loans unit, confirmed it won't pay a full-year dividend
for 2017.
In the currency market, the euro traded at $1.1844, up from
$1.1832 late Thursday in New York.
Subdued regional benchmarks: Germany's DAX 30 index was up 2
points at 12,985.25, after closing at a record high on Thursday.
France's CAC 40 index slipped 2 points to 5,358.34.
In London, the FTSE 100 index fell 0.3% to 7,531.78, under
pressure as the pound climbed above $1.33 for the first time in
nearly two weeks. Sterling rose after German newspaper Handelsblatt
late Thursday
(http://www.handelsblatt.com/my/politik/international/brexit-galgenfrist-fuer-london/20446710.html)
reported that the European Union may offer a two-year Brexit
transition deal to Britain.
(END) Dow Jones Newswires
October 13, 2017 05:21 ET (09:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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