Europe's Stocks Open Steady as Tech, Miners Gain on Trade Talks
Bloomberg
Published Oct 08, 2019 15:18
Updated Oct 08, 2019 15:59
Europe's Stocks Open Steady as Tech, Miners Gain on Trade Talks
(Bloomberg) -- European equities were little changed at the open as technology and mining shares climbed before the start of U.S.-China trade talks, while financial services slumped.
The STOXX 600 Index was up 0.1% following two days of gains. Qiagen NV (DE:QIA) tumbled 15% after reporting disappointing earnings and as its chief, Peer Schatz, decided to step down. Uniper SE (DE:UN01) dropped 6.2% after Fortum Oyj (HE:FORTUM) agreed to acquire a majority stake in the company. Fortum gained 2.5%. Electrocomponents Plc jumped 4.7% after saying it’s on track to deliver good progress for the year.
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The region’s equities last week had their worst drop in two months as concerns about global growth sent investors searching for the exit. Now all eyes are on the U.S.-China trade talks, which start in Washington later this week. A breakthrough in negotiations would be a major boon for equity markets, which are struggling to find a reason to recover.
“The markets are driven higher by positive Asian markets, trade hope and trend-following strategies,” aid Ulrich Urbahn, head of multi-asset strategy and research at Joh Berenberg Gossler & Co. “However, given the lackluster macro data, increasing policy uncertainty and the overly optimistic 2020 earnings estimates, the upside should be capped."
Written By: Bloomberg
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