European Equities See Modest Strength Ahead Thursday’s ECB Meeting

October 24, 2017
European Equities See Modest Strength Ahead Thursday's ECB Meeting

By Investors Hub

European stocks are seeing modest strength on the day as earnings proved to be a mixed bag and investors looked ahead to Thursday’s ECB meeting for directional cues.

On the data front, the euro area private sector expanded strongly in October, but the pace of growth slowed from September, flash survey data from IHS Markit showed. The flash composite output index fell more than expected to 55.9 from 56.7 a month ago.

While German private sector grew at a slower pace, French private sector activity expanded at the fastest pace in nearly six-and-a-half years in the month.

While the U.K.’s FTSE 100 Index is up by 0.1 percent, the German DAX Index and the French CAC 40 Index are up by 0.3 percent and 0.4 percent, respectively.

Logitech International shares have tumbled despite the Swiss company delivering another strong quarter of growth.

Novartis has also moved to the downside after delaying a possible spinoff of its Alcon eyecare business until the first half of 2019.

Swedish mining and smelting company Boliden has fallen sharply after Lennart Evrell decided to resign as CEO effective half way through 2018.

Meanwhile, Apple supplier AMS has jumped 20 percent after its Q4 guidance came in well above consensus. French eyewear group Essilor has also rallied after confirming its 2017 outlook.

Commerzbank shares have shown a strong move to the upside after the Financial Times reported that the German bank has hired advisers to defend itself against potential takeover bids from European rivals including BNP Paribas.

Modupe Gbadeyanka

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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