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European Stocks Appreciate on Firmer Euro

By Investors Hub

European stocks are mostly higher on Thursday, although a firmer euro and renewed trade worries served to keep a lid on regional gains.

The pan-European Stoxx Europe 600 Index is up 0.3 percent as Italian parties revived attempts to form a government and Spanish Prime Minister Mariano Rajoy insisted he would not resign ahead of Friday’s no-confidence vote in the Madrid parliament.

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France’s CAC 40 Index and the U.K.’s FTSE 100 Index are both up by 0.4 percent, while the German DAX Index is down by 0.3 percent, dragged down by automakers amid reports that the Trump administration wants to block German luxury carmakers from the U.S. market.

Meggitt has advanced in London after it has finalized terms for a long-term contract worth more than $50 million with Wizz Air.

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Johnson Matthey has also moved higher after its underlying annual sales came in slightly above expectations.

Meanwhile, Italian utility Enel has moved to the downside after winning a highly contested multibillion-dollar battle for AES Corp.’s Brazilian utility.

On the economic front, Eurozone inflation rose more than expected to 1.9 percent in May from 1.2 percent in April largely on energy prices, while the region’s jobless rate fell in April to a near-decade low of 8.5 percent, separate reports from Eurostat showed.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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