European Equities Jump as UK Stocks Hit Record High

By Investors Hub

European stocks were broadly higher on Monday, with U.K. markets hitting a record high, as easing trade war worries boosted the dollar against major currencies and helped lift exporters.

After two days of high-level talks, the U.S. and China have agreed to put the trade war on hold and set up a framework for addressing trade imbalances in the future.

The pan-European Stoxx 600 index was up 0.4 percent at 396.40 in late opening deals after falling around 0.3 percent on Friday on concerns over geopolitics and trade.

France’s CAC 40 index was rising 0.7 percent and the U.K.’s FTSE 100 was up 0.9 percent to reach a record high, while the German DAX was down about 0.3 percent.

French energy group EDF rallied 1.7 percent on reports that it is in talks to sell part of its U.K. wind farms.

British power company Drax climbed 2.5 percent. The company said its bioenergy carbon capture storage (Beccs) project of its type in Europe would eventually make it carbon negative.

Airline Ryanair Holdings jumped 3.7 percent after posting a record annual profit.

AstraZeneca advanced 2.3 percent. The company has submitted a supplemental new drug application to Japan’s Pharmaceuticals and Medical Devices Agency for use as an oral adjunct treatment to insulin in adults with type-1 diabetes.

International Consolidated Airlines Group gained 1.2 percent on the buzz that the British Airways-parent plans to offer ?1.52 billion for Norwegian Air Shuttle.

Commodities trader Glencore edged lower following reports that it is facing a bribery probe over its Congolese operations.