The Malta Independent on Sunday
Positive earnings updates boost European stocks after difficult week
European stocks were boosted by positive earnings updates from Barclays and a surge in Airbus, but nagging worries about the economic impact of surging COVID-19 cases saw markets post their biggest weekly decline in a month.
On Friday in Europe, breaking a four-day losing streak, the panEuropean STOXX 600 index advanced 0.6%, with London’s FTSE 100 outperforming its European peers after Barclays jumped 7% on strong results. In the Asia-Pacific region, MSCI’s broadest index of the region’s shares outside Japan was flat, while Japan’s Nikkei ticked up 0.2% and the CSI300 index of mainland China shed 1.3%. The MSCI world equity index, which follows shares in nearly 50 countries, was up 0.3%, but set for its biggest weekly fall in a month.
The pound fell against the dollar and euro on Friday after the UK Purchasing Managers’ Index to a four-month low, but was still set to end the week up, after a new phase of intense Brexit talks restarted.
The chief negotiators for Britain and the European Union met on Friday for talks on a lastgasp trade deal to avert a tumultuous finale to the five-year Brexit crisis.
Oil prices fell on concerns about rising Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe. Brent futures settled at $41.77 per barrel, down 69 cents, or 1.63%. U.S. crude futures settled at $39.85 per barrel, down 79 cents.
Gold eased as the dollar recouped some losses, but uncertainty going into the U.S. elections limited bullion’s losses.
U.S. House of Representatives Speaker Nancy Pelosi said it still was possible to get another round of COVID-19 aid before the election, but that it was up to Republican President Donald Trump to act, including talking to reluctant Senate Republicans, if he wants it. However, Treasury Secretary Steven Mnuchin warned a deal would only be possible if Pelosi was willing to compromise.
This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.