Sun, Oct 06, 2019 - Page 14 News List

Europe rises on Fed hopes amid worst week in year

Reuters

European stocks remained in positive territory on Friday, propped up by hopes of easing measures from the US Federal Reserve, but gains were slim as markets logged their worst weekly performance in a year.

The pan-European STOXX 600 rose 0.7 percent after three straight sessions of declines that erased about 3.4 percent of value.

Sectors considered stable during times of economic uncertainty, such as healthcare, telecoms and food and beverage, were among the prominent gainers.

Technology stocks rose 0.4 percent, with chipmakers jumping after a report said Apple Inc would increase its iPhone 11 production.

Shares of chipmakers AMS AG, Infineon Technologies AG, STMicroelectronics NV and Dialog Semiconductor PLC jumped between 1 and 3.4 percent.

In a turbulent week for markets roiled by weak readings on factory and services sector activity in the US and the eurozone, as well as US tariffs on EU goods, the STOXX 600 posted its worst weekly performance in about a year.

London-listed shares, also posting their worst weekly performance in a year with a 3.4 percent decline, took the biggest hit due to fresh Brexit worries and recession fears, while eurozone shares posted their biggest weekly decline in two months.

The basic resources index was among the worst performing sectors on the day, losing about 0.7 percent as copper prices retreated on fears of slowing global demand.

Heavyweight miner BHP Group PLC fell about 0.5 percent.

Automakers fell 0.7 percent, with BMW AG shedding 1.7 percent after an Australian regulator called for 20,000 vehicles with faulty Takata Corp airbags to be kept off the roads, many of which include BMW cars.

Shares of London Stock Exchange Group PLC rose 2 percent after reports that some of the bourse operator’s shareholders told Hong Kong Exchanges and Clearing to increase its takeover offer by 20 percent.

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