European Stocks Rise as EU Delays UK Exit till January

October 28, 2019
European Stocks Rise as EU Delays UK Exit till January

By Investors Hub

European stocks are subdued on Monday as HSBC warned of a challenging outlook, while the European Union granted the U.K. a delay to Brexit until January 31st, removing the risk of a damaging no-deal split on Thursday.

On the trade front, U.S. and Chinese officials said they are “close to finalizing” some parts of a phase one trade deal after high-level telephone discussions on Friday.

U.S. President Donald Trump said he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.

While the U.K.s FTSE 100 Index is just below the unchanged line, the French CAC 40 Index is up by 0.2 percent and the German DAX Index is up by 0.4 percent.

Asia-focused lender HSBC Holdings has come under pressure. After reporting a drop in third quarter earnings, the bank has warned it would have to undertake costly restructuring amid a slowing global business environment.

Cairn Energy has also slumped after it issued an update on its proceedings against India under the U.K.-India Bilateral Investment Treaty.

Meanwhile, mining giant BHP has risen percent as Samarco, a joint venture between BHP Group and Vale SA, received the Corrective Operation License for the Germano complex in Minas Gerais on Friday.

French luxury products maker LVMH Moet Hennessy Louis Vuitton has edged higher on reports that it has offered to buy U.S. jeweler Tiffany & Co. for about $14.5 billion.

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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