En­ergy and fi­nan­cial firms push Europe higher

Malta Independent - - FINANCIAL -

On Mon­day U.K. shares climbed the most among western-Euro­pean mar­kets, while en­ergy pro­duc­ers and fi­nan­cial firms led gains in the re­gion’s stocks.

Bri­tish ex­porters ben­e­fited from a weak­en­ing of the pound af­ter Prime Min­is­ter Theresa May pledged to be­gin the process of ex­it­ing the Euro­pean Union in the first quar­ter of 2017. That sent the FTSE 100 In­dex up 1.2 per­cent, set to reach its high­est level since May of last year.

The Stoxx Europe 600 In­dex added 0.2 per­cent at 11:55 a.m. in London, fol­low­ing a third weekly de­cline in four. With the Ger­man mar­ket closed for a hol­i­day, trad­ing of shares on the gauge was about 19 per­cent lower than the 30-day aver­age.

Large com­pa­nies in­cluded in the FTSE 100 were not the only ones ris­ing. The FTSE 250 In­dex of mid­cap shares and a mea­sure track­ing smaller com­pa­nies also ad­vanced more than 0.9 per­cent. Adding to the op­ti­mism, a gauge of Bri­tish man­u­fac­tur­ing reached its high­est level in more than two years in Septem­ber as the weaker pound sent ex­port or­ders surg­ing. The FTSE 100 is now within 2 per­cent of the record it hit last year.

Out­put data for France, Italy and Spain also helped im­prove sen­ti­ment on Mon­day. A Cit­i­group Inc. in­dex track­ing eco­nomic sur­prises in the euro area turned pos­i­tive last week for the first time since Au­gust, mean­ing that more re­ports are beating fore­casts.

Asian stocks rose, with the re­gional bench­mark in­dex re­bound­ing from a one week low, as wor­ries over the health of Euro­pean banks eased and casi­nos led a rally in Hong Kong shares. The MSCI Asia Pa­cific In­dex gained 0.7 per­cent. Ja­pan’s Topix in­dex rose 0.6 per­cent as the yen traded at 101.41 against the U.S. dol­lar, weak­en­ing for a fifth straight ses­sion.

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.