EUROPE MARKETS: Defensive Plays Lead European Stocks As German Confidence Still Bleak
24 September 2019 - 11:02AM
Dow Jones News
By Steve Goldstein, MarketWatch
Led by defensive plays, Europe stocks advanced Tuesday as a key
economic report showed German business confidence still bleak.
Rising for the fourth day in five, the Stoxx Europe 600 added
0.21% to 390.60, as pharmaceuticals, household products firms and
food producers led the way, all sectors that are relatively less
exposed to the swings of the economy.
The German DAX added 0.04% to 12347.42 as the Ifo business
climate index in Germany rose marginally in September, but the
expectations component fell to a decade low.
"A much welcome rebound, but the details weren't uplifting,"
said Claus Vistesen, chief eurozone economist at Pantheon
Macroeconomics. "We always have to be careful fitting stories to
these data, but it looks to us as if the ECB's recently announced
measured have succeeded in providing a modest lift to the current
assessment, while expectations are still hampered by unchanged, and
elevated, global uncertainty."
The French CAC 40 rose 0.17% to 5640.36 and the U.K. FTSE 100
added 0.22% to 7342.19.
After a slight advance for the Dow industrials on Monday, U.S. stock futures were higher.
Stocks in the spotlight included EQT Partners, as the Swedish
private equity firm surged to 84.24 crowns after pricing its
initial public offering at 67 crowns.
K+S (SDF.XE) shares fell 4% as the German chemicals producer
said it was cutting its fertilizer production due to weak demand,
which will hurt operating profit by up to 80 million euros.
Evotec (EVT.XE) climbed 6% as the company announced a drug
discovery collaboration with Takeda Pharmaceuticals, where there
Japanese firm will pay an undisclosed upfront fee as well as
milestones that can reach around $170 million per program.
(END) Dow Jones Newswires
September 24, 2019 04:47 ET (08:47 GMT)
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