Wednesday 19 December 2018

Markets: Relief for European stocks

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

Following the lead in Asian stocks, Europe's markets are looking brighter this morning with a relief rally taking shape across the major benchmarks, up 1 to 1.3pc.

The cyclicals sectors which had led the sell-off last week are back in the driving seat: banks, chemicals and basic resources are the best-performing sectors.

A mixed bag of stocks are leading gains, with Victrex taking the lead after BAML gave the UK polymer firm a double upgrade to 'buy'.

Also benefiting from broker upgrades to target price is Umicore, while Credit Suisse is up 2.9pc, leading the banks index, after its shares were particularly badly hit last week as its inverse VIX product imploded.

Akzo Nobel is up just 1.3pc, in line with the market, as investors don't seem to be overly enthused by an FT report of takeover interest.

Luxembourg-based telecoms firm SES is falling sharply, however, down 6.8pc at the bottom of the STOXX after it announced management changes with its CEO and CFO stepping down by April 5.


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