European shares rise on trade-fuelled optimism, London shines
Reuters
Published Sep 27, 2019 08:32
European shares rise on trade-fuelled optimism, London shines
(Reuters) - European shares rose on Friday, with London stocks outperforming due to a weaker pound, while hopes of a quick resolution to the U.S.-China trade war offset worries of slowing economic growth and rising political risks.
The pan-European STOXX 600 index (STOXX) rose 0.5%, with export-heavy London's FTSE 100 (FTSE) up almost 1%, led by gains in oil majors and miners.
The United States and China are prepping for another round of high-level trade talks scheduled for Oct. 10 and 11 in Washington, aimed at resolving their near 15-month long trade dispute.
The European basic resources sector (SXPP) jumped 1.4%, powered by a rise in shares of Norwegian aluminium company Norsk Hydro (OL:NHY), which gained 1.9%, after a Brazilian court lifted its final production embargo on the company's key plant.
However, shares of semiconductor companies Infineon (DE:IFXGn), AMS (S:AMS) and ASM International (AS:ASMI) came under pressure after a profit warning from U.S. chipmaker Micron Technology Inc (O:MU).
Tech stocks (SX8P) edged 0.1% higher, posting some of the smallest gains among the major European sub-sectors.
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Written By: Reuters
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