EUROPE MARKETS: Defensive Plays Lead European Stocks As German Confidence Still Bleak
24 September 2019 - 5:06PM
Dow Jones News
By Steve Goldstein, MarketWatch
VW lower as CEO charged with market manipulation in Germany
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 rose
0.09% to 390.15, 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 dropped 0.08% to 12332.33as 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 added 0.06% to 5634.22 and the U.K. FTSE 100
declined 0.46% to 7292.15 after the U.K. Supreme Court ruled that
suspending Parliament was unlawful. See London Markets
(http://www.marketwatch.com/story/british-pound-jumps-as-uk-supreme-court-rules-suspension-of-parliament-was-unlawful-2019-09-24)
Stocks in the spotlight included EQT Partners (EQT.SK) , as the
Swedish private equity firm surged to 84.50 crowns after pricing
its initial public offering at 67 crowns.
Volkswagen (VOW3.XE) shares fell 1.9% as German prosecutors
charged executives including CEO Herbert Diess with market
manipulation in connection with the diesel emissions scandal that
erupted in 2015. Read more on VW
(http://www.marketwatch.com/story/germany-volkswagen-bosses-charged-with-market-manipulation-2019-09-24).
VW's majority owner Porsche Automobil Holding (PAH3.XE) fell
2.8%.
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.
TUI rose 8.1%, extending Monday's rally, as the travel company
reiterated its fiscal year underlying profit guidance that may fall
as much as 26%. The company said it's assessing the short-term
impact of Thomas Cook's insolvency.
(END) Dow Jones Newswires
September 24, 2019 10:51 ET (14:51 GMT)
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