Friday 18 October 2019

European shares rise as trade war hopes lift sentiment

Stock photo
Stock photo
Independent.ie Business Desk

European shares opened higher on Monday as optimism towards a deal to end the US-Sino trade war lifted sentiment and a risk-on mood spread from Asia to European bourses in an otherwise slow day in terms of corporate earnings or economic indicators.

The pan-regional STOXX 600 index was up 0.4pc by 0835 GMT, hovering around levels not seen since the beginning of October.

There were however strong losses, such Britain's Rotork which posted the worst performance, losing 7.4pc after disappointing earnings.

Fashion retailer Ted Baker fell 3pc after it announced that its chief executive Officer Ray Kelvin resigned with immediate effect, following an investigation into allegations of misconduct.

Among top gainers were the shares of publisher Daily Mail & General Trust, which jumped 5.4pc after unveiling plans to return all of its shares in Euromoney Institutional Investor and £200m (€232m) cash to eligible shareholders.

Reuters

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