Euro­pean stocks rise the most in a week

Malta Independent - - FINANCIAL -

On Fri­day Euro­pean stocks rose the most in more than a week as auto-re­lated shares and drug­mak­ers bounced back from their big­gest de­clines in months.

The Stoxx Europe 600 In­dex rose 0.4 per­cent at 8:31 a.m. in Lon­don, af­ter fall­ing 0.7 per­cent on Thurs­day. Sec­tors that led losses in the bench­mark on Thurs­day were the big­gest gain­ers: Car­mak­ers re­cov­ered af­ter tum­bled the most since July fol­low­ing U.S. govern­ment ac­cu­sa­tions that Fiat Chrysler Au­to­mo­biles NV vi­o­lated pol­lu­tion laws. Health-care shares rose for the first time in three days af­ter slid­ing on con­cern over price pres­sures un­der Don­ald Trump’s U.S. pres­i­dency.

The re­bound in the Stoxx 600 is help­ing to trim its big­gest weekly de­cline in more than a month to 0.4 per­cent. Fiat Chrysler jumped 6.3 per­cent af­ter Thurs­day’s 16 per­cent plunge. Chief Ex­ec­u­tive Of­fi­cer Ser­gio Mar­chionne dis­missed the U.S. al­le­ga­tions as “unadul­ter­ated hog­wash.”

U.K. fi­nance firms di­luted their bid to re­tain un­fet­tered ac­cess to the Euro­pean Union af­ter Brexit, ac­cept­ing that Prime Min­is­ter Theresa May’s govern­ment is un­will­ing to fight their corner against EU re­sis­tance.

In a two-page sum­mary of in­dus­try pri­or­i­ties for the up­com­ing ne­go­ti­a­tions re­leased on Thurs­day, The City UK lobby group made no men­tion of its once key de­mand to safe­guard so-called pass­port­ing, which al­lows banks with bases in Lon­don to ser­vice cus­tomers through­out the EU. The banks are now push­ing for “mu­tual ac­cess” and ad­di­tional time to adapt to the new regime.

The pull-back comes af­ter May’s govern­ment made it clear the fi­nance in­dus­try wouldn’t get any spe­cial sta­tus in the di­vorce talks. EU rep­re­sen­ta­tives and mem­ber gov­ern­ments have said they won’t ac­cept pass­port­ing with­out May re­main­ing in the sin­gle mar­ket and ac­cept­ing free move­ment of peo­ple.

Asian stocks re­treated from the high­est close since Oc­to­ber, led by a drop in tech­nol­ogy and fi­nan­cial stocks. The MSCI Asia Pa­cific In­dex fell less than 0.1 per­cent as of 4:27 p.m. in Hong Kong.

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