EUROPE MARKETS: European Stocks Finish Higher, But Still Suffer Weekly Loss
22 Giugno 2018 - 6:51PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Services data provide cheer
Stocks across Europe closed higher Friday, aided by data showing
business activity picked up in the eurozone after a slowdown.
Also helping sentiment was a eurozone agreement on a debt-relief
plan for Greece after the country's bailout ends, and the energy
sector got a lift from a rally for oil prices.
How markets are performing
Greece's Athex Composite jumped on the debt-relief news, but
couldn't hold its sizable gains and finished 0.2% lower.
More broadly, the Stoxx Europe 600 Index was up 1.1% to end at
381.92, though it was still down 1.1% for the week. On Thursday,
the Stoxx 600 fell 0.9%
(http://www.marketwatch.com/story/auto-makers-italian-stocks-lead-european-shares-lower-2018-06-21)
to mark its lowest close since April 25, according to FactSet
data.
In Frankfurt, the DAX 30 index rose 0.5% to finish at 12,579.72.
In Paris, the CAC 40 index was up 1.3% to 5,387.38, and the U.K.'s
FTSE 100 tacked on 1.7% to end at 7,682.27.
The euro rose to $1.1630, from $1.1604 late Thursday in New
York.
What's driving markets
Early Friday, eurozone finance ministers agreed to ease Greece's
debt burden when the country's bailout ends in August. Greece now
has another 10 years
(http://www.marketwatch.com/story/eurozone-agrees-plan-to-end-greeces-bailout-2018-06-22)
to pay back almost EUR100 billion ($116 billion) of loans -- about
half the bailout total since 2010 -- and to lend another EUR15
billion, in part to help build a cash buffer.
Check out:Greece gets green light to exit bailout program, but
worries linger
(http://www.marketwatch.com/story/greece-likely-to-get-green-light-to-exit-bailout-program-but-worries-linger-2018-06-20)
Stocks rose at the open after services-sector figures for
Germany and France -- Europe's first- and second-largest economies
-- beat expectations for June. But the IHS Markit purchasing
managers index data also pointed to slower growth for the
manufacturing sectors in both countries.
A "worrying slide in export order growth seen since the start of
the year continued into June, with the latest survey's anecdotal
evidence highlighting quieter client interest from the U.S. and
China," said Phil Smith, principal economist at IHS Markit, in a
statement.
IHS Markit data for the whole of the eurozone showed a cooling
in manufacturing growth in June, though the composite PMI showed a
pickup in overall business activity for the first month in five,
buoyed by services growth.
Trade-related fears also were remaining in focus. A brewing
U.S.-China trade war escalated in June, while the European Union's
own retaliatory tariffs on U.S. imports are set to go into effect
Friday
(http://www.marketwatch.com/story/eu-to-impose-tariffs-on-32-billion-of-us-goods-starting-friday-2018-06-20).
Meanwhile, the oil market was in the spotlight Friday as OPEC
and other major producers met in Vienna to hash out an agreement on
crude supply. Crude futures traded sharply higher as Organization
of the Petroleum Exporting Countries members agreed to raise output
(http://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22),
but by an amount that appears likely to be less than traders had
feared.
Stock movers
Major oil companies Royal Dutch Shell PLC (RDSA.LN) (RDSA.LN)
and BP PLC (BP.LN) jumped 3.5% and 3.1%, respectively.
Airbus SE shares (AIR.FR) were up 2.1%. The aerospace company
has reportedly warned that it may have to leave the U.K. in the
case of a so-called hard Brexit.
Shares of car makers continued to slip
(http://www.marketwatch.com/story/shares-in-german-auto-makers-fall-after-daimler-warning-tariffs-proposal-2018-06-21)
as concerns about the effect of a EU-U.S. trade war persist. U.S.
President Donald Trump threatened levies on autos made in the EU in
a tweet Friday
(https://twitter.com/realDonaldTrump/status/1010166772912320513),
echoing his past comments on the issue.
Daimler AG (DAI.XE), which issued a profit warning Thursday,
fell 0.3% on Friday. BMW AG (BMW.XE) lost 1.1% and Volkswagen AG
(VOW.XE) shed 0.2%.
Read more:Why trade wrangles won't stop German auto stocks
driving higher
(http://www.marketwatch.com/story/why-german-auto-stocks-look-set-to-drive-higher-despite-trade-war-fears-2018-06-09)
(END) Dow Jones Newswires
June 22, 2018 12:36 ET (16:36 GMT)
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