Left Menu
Development News Edition

Post-holiday catchup for Germany drives European stock gains

Reuters | Berlin | Updated: 11-06-2019 13:17 IST | Created: 11-06-2019 13:00 IST
Post-holiday catchup for Germany drives European stock gains
Car industry shares rose 1.6% with German auto stocks BMW, Daimler and Volkswagen AS, lifting the tariff sensitive sector. Image Credit: Pixabay

A surge in the Frankfurt stock market as German and Swiss investors returned from a one-day holiday drove European shares higher on Tuesday as investors eyed Washington closely for further bursts of protectionist rhetoric.

Optimism over President Donald Trump's decision late on Friday to hold off on imposing import tariffs on Mexico has lifted sentiment this week, but there were new signs that the administration will make more threats to further its agenda in talks with major trading partners. Secretary of State Mike Pompeo warned on Monday that the United States could still slap tariffs on Mexico if not enough progress was made on its commitment to stem illegal immigration.

Europe's pan-regional STOXX 600 index rose 0.43% by 0714 GMT, with Frankfurt's DAX outperforming. Car industry shares rose 1.6% with German auto stocks BMW, Daimler and Volkswagen AS, lifting the tariff sensitive sector.

Madrid's bank-heavy IBEX was the only laggard, after Morgan Stanley lowered its estimates for bank earnings in Spain to an average 4% in 2020 and 6.5% in 2021, factoring in a flatter yield curve as a result of the European Central Bank's swing towards taking new steps to reduce market interest rates. Among stocks, Hugo Boss rose 3.7% after shares of the German fashion house were upgraded to "equal-weight" from "underweight" by Morgan Stanley for the luxury retailer's strategic plan to reposition the brand under two labels. Ted Baker tumbled 26% after the fashion retailer warned on annual profit after an "extremely difficult" start to 2019.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Globalization post-coronavirus to get a hit, self-sufficiency paradigm to rule

The massive scale of coronavirus outbreak, accompanied by uncertainty and fear, could lead to new behaviors and beliefs in the 21st-century population that is empowered with the internet....

Ayurveda for COVID 19: Professionals owe the responsibility to protect it from quacks and fake news

Indian Ayurveda professionals are lagging behind their foreign counterparts in handling quacks and protecting credentials of the Ayurveda at the time of COVID 19 pandemic. The professionals of Ayurveda cannot abjure the responsibility to co...

Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Videos

Latest News

Song Joong-Ki’s new projects revealed, Song Hye-Kyo’s Instagram post on Bottega Veneta

The news linked to Song Joong-Kis appearance in South Korea and his instant way to quarantine became viral. Fans immediately started discussing and praising the Descendants of the Sun actor for his decision of keeping himself in self-impose...

In Taiwan, anger at China over virus drives identity debate

Anger at being confused with China amid the coronavirus outbreak and Beijings stepped-up efforts to assert sovereignty is stirring heated debate in Taiwan about how to further distance itself from its giant and often threatening neighbour. ...

TIFR creates multi-lingual resources to spread awareness on Covid-19

Breakout of Covid-19 in Wuhan, China has now engulfed the whole of the globe. Declared a pandemic by the World Health Organisation, the latest count is it has spread to 204 countries. With the pandemic comes the stigma, superstitions and fe...

Pakistan annual inflation slows to 10.24% y/y in March- statistics bureau

Pakistans consumer price inflation slowed to 10.24 in March from the same month a year earlier, the statistics bureau said on Wednesday. The bureau had recorded the CPI inflation at 12.40 in February.Fuel and food items such as pulses, fres...

Give Feedback