Fiona Cincotta | Aug 14, 2019 13:34
The US decision to delay tariffs on some Chinese exports provided welcome relief for battered markets. In Europe, the DAX gained 0.60% despite economic data showing a collapse in German investor sentiment, and as growth fell on a slump in exports. The biggest gainer was the Italian FTSE MIB, which was up 1.36%, helped by a delay in deputy prime minister Salvini’s plans to call a general election.
London shares were lifted 0.33%, extending the gains made yesterday. Topping the FTSE 100 was insurance group Admiral, gaining 4.04% on news that its interim pre-tax profits rose 4%. Astra Zeneca gained 1.70% on news of positive results on its ovarian cancer drugs trials, and Vodafone (LON:VOD) gained 1.24%. The benchmark’s laggards included publisher Auto Trader and steel producer Evraz.
In Asia, Nikkei led the way, with a gain of 0.98%, while Kospi 200 gained 0.7% thanks to the energy and tech sectors. The Shanghai Composite was up 0.6%, and the Hang Seng was able to add 0.5%, despite the continuing confrontations between protestors and police.
The main US indices were all up, allowing a move back towards riskier assets, with car makers, tech companies and commodities the main beneficiaries.
Sterling was flat against the dollar, at 1.205, while the euro gained slightly on an easing of political worries over Italy, at 1.118. Oil prices jumped, as fears of a global economic slowdown eased, with WTI crude up to $56.89, though Brent crude later edged down 0.8% to $60.76 a barrel.
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Written By: Fiona Cincotta
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