European Equities Extend Gains as Brexit Worries Ease

By Investors Hub

European stocks have advanced on Friday, extending gains from the previous session as Brexit worries ease and optimism prevails for some sort of a partial trade deal between the United States and China.

While the German DAX Index has spiked by 2 percent, the French CAC 40 Index is up by 1.1 percent and the U.K.?s FTSE 100 Index is up by 0.8 percent.

German software giant SAP has moved sharply higher after pre-announcing strong third quarter earnings and revealed its long-term CEO has stepped down.

France’s Renault has also rallied ahead of an expected vote on whether to remove Chief Executive Thierry Bolloré amid concerns over the company’s performance and its tense relationship with Nissan Motor Co.

Vinci has also moved to the upside after its third-quarter passenger numbers across all VINCI Airports facilities grew 6.9 percent from last year to 72 million passengers.

On the other hand, German luxury fashion brand Hugo Boss has come under pressure after cutting its 2019 sales outlook again.

Man Group has also slumped after its third-quarter funds under management declined to $112.7 billion from $114.1 billion last year.

In economic news, German consumer price inflation slowed as initially estimated in September to the lowest since early 2018, final data from Destatis showed.

Consumer price inflation slowed to 1.2 percent in September from 1.4 percent in August. This was the lowest rate since February 2018, when the rate was 1.1 percent.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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