European Shares Steady As Investors Shrug Off Trade Woes
European stocks held largely steady on Monday despite U.S. President Donald Trump’s elevated trade-war rhetoric with China and Japan.
The pan-European Stoxx Europe 600 index was up 0.32 percent at 374.96 in late opening deals after closing 0.1 percent higher on Friday.
The German DAX was rising 0.1 percent and France’s CAC 40 index was moving up 0.2 percent while the U.K.’s FTSE 100 was little changed with a positive bias.
Apple supplier Dialog Semiconductor fell nearly 3 percent after Trump called for Apple to move production from China to the U.S.
Hannover Re shares gained 1 percent. The German re-insurer said that it is well on track to achieve its 2018 year-end targets, based on the business development so far and the company’s positioning in the market.
Luxury goods group Richemont advanced 1.4 percent after appointing group veteran Jerome Lambert as its chief executive.
GlaxoSmithKline was slightly lower. The U.S. FDA has asked for more clinical data about its Nucala drug for use in combatingchronic obstructive pulmonary disease.
BP Plc rose half a percent and Tullow Oil advanced 1.4 percent as oil prices inched up after three straight days of losses.
Associated British Foods dropped 1.5 percent after retaining its full-year outlook.
RPC Group shares soared 21 percent. The plastic packaging maker said it was in early talks about a possible sale of the company.
On the data front, a government report showed the U.K. economy expanded at a faster pace in July. GDP grew 0.3 percent month-on-month in July, faster than the 0.1 percent rise in June.
In three months to July, economic growth improved to 0.6 percent from 0.4 percent in three months to June.
However, the Bank of England is still expected to keep interest rates unchanged at its upcoming policy meeting this week.
A monthly Bank of France survey revealed that France’s economy is forecast to grow as previously estimated in the third quarter.
According to the monthly index of business activity, gross domestic product is set to expand 0.4 percent in the third quarter, unchanged from the previous estimate.
by RTTNews Staff Writer
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