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European Stocks Extend Gains Ahead of Next Week’s Fed Meeting

By Investors Hub

European stocks have moved mostly higher on Thursday to extend gains for a third straight session as investors brush aside concerns about trade wars and look ahead to next week?s Federal Reserve meeting.

Earlier in the day, the Swiss National Bank maintained its interest rate on sight deposits at -0.75 percent and the target range for the three-month Libor between -1.25 percent and -0.25 percent, as widely expected. The Swiss franc fell slightly against its major counterparts following the decision.

Meanwhile, Norway?s central bank raised its key interest rate and hinted that the rate would be hiked further in the first quarter of next year.

While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the German DAX Index is up by 0.6 percent and the French CAC 40 Index is up by 0.8 percent.

The British pound has advanced against its rivals after a government report showed U.K. retail sales unexpectedly increased in August.

Retail sales volume, including auto fuel, gained 0.3 percent month-on-month in August in contrast to the expected fall of 0.2 percent but slower than the 0.9 percent increase seen in July. This was the second consecutive rise in sales volume.

Swiss nutrition, health and wellness giant Nestle has risen after saying it is examining strategic options for its skin health unit.

Satellite company Inmarsat has also moved to the upside after announcing a strategic collaboration with Panasonic.

Oil rig construction and maintenance firm Lamprell has jumped after unveiling its first-half results. German auto giant Volkswagen has also rallied on a Bloomberg report that it will end almost all of its business in Iran.

Meanwhile, British travel and insurance firm Saga Plc has dropped after it announced the appointment of James Quin as Group Chief Financial Officer and Executive Director with effect from January 1, 2019.

Fashion retailer Tom Tailor has shown a substantial move to the downside after issuing a profit warning.

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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