European Stocks Close Higher as Catalonia Worries Ease

November 1, 2017
european stocks close

European stocks have moved mostly higher on Wednesday, with German shares leading the surge as traders returned to their desks after a bank holiday the previous day.

Underlying sentiment remained supported as Catalonia worries eased and encouraging data from the U.S. and China stoked optimism about the global economy.

Catalonia’s ousted leader Carles Puigdemont has agreed to the snap election called by Spain’s central government but said the fight for independence would go on.

On a light day on the economic front, market participants awaited the outcome of the Federal Reserve’s policy meeting later in the day for clues as to whether the U.S. central bank is on track to raise rates in December.

While the German DAX Index has shot up by 1.9 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.’s FTSE 100 Index is up by 0.2 percent.

German automakers BMW, Daimler and Volkswagen have moved to the upside before publishing their U.S. car sales figures for October.

Bayer has also advanced 1 amid reports the German pharmaceutical firm and Novartis are threatening legal action against twelve clinical commissioning groups in the north of England for plans to offer patients a cheap eye drug. Novartis shares have also risen.

Finnish tire maker Nokian Tyres has rallied after its quarterly profit topped forecasts. AstraZeneca has also climbed in London on winning U.S. approval for a new drug to treat blood cancer.

Likewise, Indivior shares have jumped as much as 11 percent after a FDA committee recommended approval for a new drug to treat opioid addiction.

On the other hand, Danish pharmaceutical company Novo Nordisk has moved lower after warning that new U.S. legislation could impact business in its key market.

Lender Standard Chartered has also slumped as higher expenses overshadowed a rise in its third quarter profit. Next Plc shares have plunged after a disappointing trading update, with sales figures missing forecasts.

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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