EUROPE MARKETS: After A Pounding On Economy Fears, European Stocks Edge Up From One-month Low
03 Ottobre 2019 - 11:28AM
Dow Jones News
By Steve Goldstein, MarketWatch
Remy Cointreau shares rally as cognac is to be excluded from new
tariffs
European stocks on Thursday edged up slightly from one-month
lows, as the specter of a new trade war, combined with a sputtering
economy, damaged sentiment.
After suffering its worst single-day loss in nearly 11 months on
Wednesday, the Stoxx Europe 600 increased 0.17% to 378.17.
The French CAC 40 gained 0.82% to 5467.10 while the U.K. FTSE
100 fell 0.25% to 7104.42.
Germany was closed for a holiday.
Ahead of key data on the U.S. service sector, the final reading
of eurozone services PMI for September was revised lower to 51.6
from the initial 52 reading, and U.K. services PMI fell into
contraction territory as it fell to 49.5 from 50.6.
The U.S. will introduce fresh tariffs on $7.5 billion of
European Union goods following a World Trade Organization
victory.
"With markets already looking vulnerable over concerns about a
manufacturing recession starting to bleed into a slowdown in the
services sector, the timing of the WTO ruling could not have come
at a worse time for already jittery investors, along with the U.S.
response to apply tariffs to a wide range of goods including malt
whisky, French wines, and a range of food items, from October
18th," said Michael Hewson, chief market analysts at CMC Markets
UK.
Analysts at Jefferies said the new tariffs actually weren't as
bad as it feared for European alcoholic beverage makers. Remy
Cointreau (RCO.FR) shares jumped 6% and Pernod Ricard (RI.FR) rose
3.6%, as cognac, champagne and liqueurs from France were excluded
from the tariff list. Diageo (DGE.LN) and Campari (CPR.MI) shares
also rose.
Airbus (AIR.FR) was another gainer, rising 4%, as parts made by
one of its plants in Alabama will not be subject to new
sanctions.
H&M (HM-B.SK) shares jumped 7% as the retail chain reported
a stronger-than-forecast profit.
(END) Dow Jones Newswires
October 03, 2019 05:13 ET (09:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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