EUROPE MARKETS: European Stocks Seesaw Into The Close, But End Slightly Higher
07 Décembre 2017 - 6:24PM
Dow Jones News
By Carla Mozee and Sara Sjolin, MarketWatch
Carrefour shares fall after ratings downgrade; Steinhoff tumbles
another 46%
Stocks across Europe wobbled into the close on Thursday,
settling slightly higher as traders digested deal news and economic
growth data.
U.K. stocks underperformed the wider market, hurt by a rise in
the pound on hopes U.K. Prime Minister Theresa May is making
progress in Brexit talks.
How markets are moving: The Stoxx Europe 600 rose 0.03% to end
at 386.42, as gains for the telecom, utility and financials sector
largely offset losses for healthcare and basic materials
stocks.
(http://www.marketwatch.com/story/european-stocks-on-course-for-2nd-losing-session-with-tech-knocked-down-2017-12-06)Germany's
DAX 30 index ended 0.4% higher at 13,045.15, and France's CAC 40
rose 0.2% to 5,383.86. U.K.'s FTSE 100 fell 0.4% to 7,320.75,
weighed by a rebound in the British pound
"Stocks in Europe got off to a positive start, but the positive
momentum ran out of steam," said David Madden, market analyst at
CMC Markets UK, in a note. "European equity markets haven't fully
recovered from the selloff in November, and any attempts we see to
try and push higher are often short lived."
The euro traded at $1.1795 at the time of the European close,
little changed from $1.1798 late Wednesday in New York.
What's moving markets: Investors in European assets assessed
data Thursday showing the eurozone economy remains firmly in
recovery mode, with Eurostat saying its final print on
third-quarter GDP came in at 0.6%, meeting expectations.
Also in focus were Brexit negotiations and in particular the
chances for a deal on the Irish border issue, the last of three
Brexit issues that have to be resolved before midnight on Sunday, a
deadline set by the EU on Thursday
(https://news.sky.com/story/eu-hands-theresa-may-72-hour-brexit-deadline-11159939?dcmp=snt-sf-twitter).
EU leaders are meeting Dec. 14-15 in Brussels, where they will
assess whether there's been "sufficient progress" in the U.K.
withdrawal talks to move onto the next stage of trade and
transition arrangements.
U.K. Prime Minister Theresa May is working on a new proposal for
the Irish border that she is expected to present to Ireland's Prime
Minister Leo Varadkar on Thursday, according to media reports. A
dispute with May's Northern Ireland political allies over the issue
of whether to have a "hard" or "soft" border scuttled a potential
deal on Monday.
The pound climbed to $1.3428 on hopes May will succeed in
settling the remaining issues on the Irish border. Sterling traded
at $1.3394 late Wednesday in New York.
In Germany, the head of the Social Democratic Party, Martin
Schulz, reportedly said he's open to discussing a renewal of a
grand coalition to govern the country. Chancellor Angela Merkel has
been trying to form a new government after talks collapsed in
November for an alliance between Merkel's conservative party, the
Green Party and the pro-business Free Democratic Party. The SPD's
three-day party conference began Thursday.
Stock movers: British bookmaker Ladbrokes Coral Group PLC
(LCL.LN) rallied 29% after news the company is in GBP3.9 billion
takeover talks with GVC Holdings PLC
(http://www.marketwatch.com/story/ladbrokes-shares-jump-on-39-billion-takeover-talks-with-gvc-2017-12-07)(GVC.LN).
GVC shares were up 5%.
William Hill PLC (WMH.LN) shares climbed 8.1% as that British
bookmaker agreed to support Scientific Games Corp.'s (SGMS)
proposed acquisition of NYX Gaming Group Ltd. (NYX.V). As part of
the agreement, William Hill plans to sell the 6.8 million NYX
ordinary shares it owns to Scientific Games.
(http://www.marketwatch.com/story/william-hill-to-back-scientific-gamess-buy-of-nyx-2017-12-07)
Broadcaster Sky PLC (SKY.LN) rose 0.9%. CNBC reported this week
that Sky stakeholder 21st Century Fox Inc. (FOX) is closing in on a
deal to sell some assets to Walt Disney Co. (DIS).
Steinhoff International Holdings NV sank 46%, extending
Wednesday's plunge of 63% after the retail holding company said
Chief Executive Markus Jooste resigned with immediate effect
(http://www.marketwatch.com/story/steinhoff-tanks-57-as-ceo-leaves-amid-accounting-probe-2017-12-06)
amid an accounting probe. The company has now tanked 83% so far
this week.
Intrum Justitia AB (INTRUM.SK) jumped 12% after the Swedish debt
collection company issued a strategy update.
Carrefour SA (CA.FR) fell 2.9% following a ratings downgrade to
underperform from market-perform at Bernstein.
"Re-rating is based on wishful thinking," including that
politicians protecting French farmers will protect Carrefour from
price competition, and that Ocado Group PLC's (OCDO.LN) partnership
deal with French supermarket company Groupe Casino SA (CO.FR) makes
a Carrefour/Amazon.com Inc. (AMZN) deal more likely. "None of it
adds up," wrote Bernstein analyst Bruno Monteyne in a research
note.
(END) Dow Jones Newswires
December 07, 2017 12:09 ET (17:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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