EUROPE MARKETS: European Stocks Edge Slightly Higher, As Oil Shares Charge Up
12 Décembre 2017 - 12:06PM
Dow Jones News
By Carla Mozee, MarketWatch
European stocks edged up Tuesday, with oil and gas shares rising
as oil prices marched higher on a key pipeline outage.
Meanwhile, traders focused on merger-and-acquisition deals and
corporate updates as they waited for central bank policy decisions
later in the week.
How markets are moving: The Stoxx Europe 600 index was up 0.2%
to 389.75, but briefly dipped into the red. Oil and gas and tech
stocks were the top gainers, while consumer services and financial
shares struggled the most. On Monday, the pan-European benchmark
fell by less than 0.1%
(http://www.marketwatch.com/story/european-stocks-edge-lower-as-techs-fall-but-uk-blue-chips-rise-2017-12-11),
pulling back from a one-month high.
(http://www.marketwatch.com/story/european-stocks-on-course-for-2nd-losing-session-with-tech-knocked-down-2017-12-06)In
country-specific gauges, Germany's DAX 30 index rose 0.1% to
13,141.55, and France's CAC 40 picked up 0.1% to 5,393.19. Spain's
IBEX 35 was 0.1% lower at 10,299.80.
The U.K.'s FTSE 100 was up 0.1% to 7,460.23 after official
figures showed the U.K. inflation rate at its highest level
(http://www.marketwatch.com/story/uk-inflation-hits-almost-6-year-high-2017-12-12)
in almost six years.
The euro traded at $1.1784, up from $1.1771 late Monday in New
York.
What's moving markets: The Stoxx Europe 600 Oil & Gas Index
was kicked up 1% as crude and Brent futures extended the gains they
logged on Monday after news that a major North Sea oil pipeline,
The Forties, will be shut down for weeks to repair a leak.
While the outage is a significant supply disruption -- the
pipeline carries supplies from more than 80 major fields -- it has
a wider impact in that the Forties's flows feed into a key price
benchmark for global oil.
On Tuesday, February Brent crude jumped more than 1%
(http://www.marketwatch.com/story/brent-oil-rises-to-fresh-212-year-high-as-north-sea-pipeline-outage-reverberates-2017-12-12)
to trade around its highest level since mid-2015. Later, a weekly
update on U.S. oil stockpiles will be released by the American
Petroleum Institute after the close of European trade.
Oil producer moves: Among oil industry stocks, Tullow Oil PLC
(TLW.LN) rose 2.7%, France's Total (TOT) added on 1.3%, and Statoil
ASA (STL.OS) claimed a 2.1% rise. Subsea 7 SA (SUBC.OS) shares rose
0.8%.
M&A in focus: Meanwhile, investors had potential takeover
news to assess. Shares of smart-card maker Gemalto (GTO.AE) soared
33% as the company reviews an unsolicited takeover bid
(http://www.marketwatch.com/story/gemalto-to-review-51-bln-takeover-bid-by-atos-2017-12-12)
of EUR4.3 billion euro ($5.1 billion) by French information
technology company Atos SE. Atos (ATO.FR) shares were up 5%.
But a takeover agreement for Australian mall operator Westfield
Corp. (WFGPY) weighed on shares of Unibail-Rodamco (UL.AE) which
fell 2.5%. The European property company said it has reached a deal
to buy Westfield, valuing it at 20.8 billion Australian dollars
(http://www.marketwatch.com/story/westfield-in-157-bln-takeover-by-unibail-rodamco-2017-12-12)(US$15.7
billion). Trading in Australian-listed shares of Westfield were
halted before the market opened on Tuesday, pending news of the
deal.
Stock movers:(ATO.FR)Steinhoff Holdings NV shares rallied 36%,
with the company behind Mattress Firm and Poundland said it's
enlisted more outside advisers to aid in its accounting crisis.
Bankia SA shares (BKIA.MC) were off 1% following a report that
the Spanish government
(http://www.marketwatch.com/story/spain-to-sell-7-stake-in-bankia-efe-2017-12-12)
plans to sell its 7% stake in the lender.
Economic data: The ZEW think tank's economic conditions index
rose to 89.3 in December, from 88.8 in November, indicating a more
upbeat view of the situation in Germany. Economic expectations came
in at 17.4, down from 18.7 in November.
U.K. inflation in November was at its highest
(http://www.marketwatch.com/story/uk-inflation-hits-almost-6-year-high-2017-12-12)
since March 2012, hitting 3.1%, according to official figures. That
was above expectations of 3% and more than a full percentage point
above the Bank of England's target.
The U.K. central bank will release its next policy decision on
Thursday, but no changes are expected. The European Central Bank
will put out its own monetary policy update the same day, while the
U.S. Federal Reserve is expected to hike interest rates by a
quarter percentage point at the conclusion of its meeting on
Wednesday.
(END) Dow Jones Newswires
December 12, 2017 05:51 ET (10:51 GMT)
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