Dipo Olowookere
By Investors Hub
European stocks have moved sharply higher on Monday, extending gains from the previous session amid renewed optimism over U.S.-China trade talks.
Tariff-exposed automakers and commodity-related mining stocks have led the surge after U.S. Commerce Secretary Wilbur Ross told Bloomberg that licenses would be released “very shortly” for U.S. firms to sell components to Huawei Technologies Co.
Ross also said that there was “no natural reason” why a “phase one” trade deal with China couldn’t be reached this month.
In economic releases, a measure of Eurozone manufacturing was finalized at 45.9 in October, up from September’s seven-year low reading of 45.7.
While the German DAX Index has surged up by 1.5 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 1.1 percent.
Automaker Daimler Group has jumped after launching its new corporate structure on November 1, 2019. BMW, Volkswagen, Renault and Peugeot have also moved notably higher.
German medical-equipment maker Siemens Healthineers has spiked after reporting a rise in net profit and revenue during the fourth quarter of the year.
Lubricant manufacturer Fuchs Petrolub has also rallied on news the company has agreed to buy the business of ZIMMARK INC.
Lender Deutsche Bank has also climbed after appointing Claudio de Sanctis as Global Head of Deutsche Bank Wealth Management, succeeding Fabrizio Campelli, who joins the group Management Board as Chief Transformation Officer.
Budget airline Ryanair Holdings has also soared as it reported higher second quarter earnings despite rising fuel and staff costs.
On the other hand, struggling baby goods retailer Mothercare has plunged after saying it is planning to call in administrators to the troubled firm’s U.K. business.
