Modupe Gbadeyanka
By Investors Hub
European stocks have moved mostly higher on Friday after the U.S. Congress passed a stopgap spending bill and the U.K. and the European Union had a breakthrough in Brexit negotiations.
European Commission President Jean-Claude Juncker confirmed that enough progress had been made in Brexit talks to proceed to the second phase of negotiations.
While the French CAC 40 Index has risen by 0.3 percent, the U.K.?s FTSE 100 Index is up by 0.8 percent and the German DAX Index is up by 1 percent.
Banks led the surge after global financial regulators agreed on the new banking regulations in Frankfurt. Commerzbank, Deutsche Bank, BNP Paribas, Societe Generale, Banco Santander and UniCredit have jumped 2-4 percent.
Berkeley shares have also moved sharply higher after British homebuilder raised its profit guidance for the next five years after reporting a 36 percent increase in pre-tax profits in the six months to October 31st.
Meanwhile, troubled furniture retailer Steinhoff has tumbled in Frankfurt to extend declines after Moody’s downgraded the issuer ratings of the company.
Mining stocks are subdued after sharp losses in the previous session on concerns that Chinese banks may not have enough capital to weather potential losses.
In economic news, German exports unexpectedly declined 0.4 percent in October, matching the drop seen in September, data from Destatis revealed.
French industrial production grew for the second straight month in October, defying economists’ forecast for a slight decline, while U.K. industrial activity improved sharply in October.
