Europe’s major stock markets rose on Thursday, with French automakers racing ahead as investors closed positions before the long Easter holiday weekend.
The mood has improved this week, but worries remain over Wall Street’s recent tech-based sell-off and trade war fears, dealers said.
“Uncertainty is permeating throughout financial markets today, as the volatile first half of the week appears to be giving way to a more stable and hesitant second half,” IG Group PLC analyst Joshua Mahony said. “In a week with few notable economic indicators, it comes as no surprise that affairs over the pond continue to take precedence, whether it be the threat of a US-led trade war or a wide-ranging tech sell-off spurred by Facebook’s loose data security.”
Sentiment was partly lifted after Chicago-based US exchange giant CME Group Inc on Thursday bought British operator NEX Group PLC for about ￡3.9 billion (US$5.47 billion) in a deal aimed at cost-cutting and diversifying their businesses.
In Paris, the CAC 40 on Thursday revved 36.86 points, or 0.7 percent, higher to 5,167.30 on broad gains among automakers. That was an increase of 1.4 percent from 5,095.22 on March 23.
Renault SA shares accelerated sharply, reaching the highest level in a decade at one point after Bloomberg reported that the French automaker was talking to its alliance partner, Nissan Motor Co Ltd, about a merger that would create a new group that trades as a single stock.
Citing people with knowledge of the matter, Bloomberg said the new entity would be run by Renault CEO Carlos Ghosn, but the French government’s 15 percent holding in Renault could prove a stumbling block.
No final decision has been made, it said.
At 9:30am GMT, Renault stock was up 4.4 percent at 97.21 euros, topping the CAC 40 risers’ board.
The London stock market meanwhile forged ahead as official data showed that the British economy grew by 1.8 percent last year. That was an upgrade from a prior estimate of 1.7 percent.
The FTSE 100 on Thursday rose 11.87 points, or 0.2 percent, to close at 7,056.61, rising 1.9 percent from a close of 6,921.94 on March 23.
The Frankfurt, Paris and London markets were closed on Friday for the four-day Easter holiday weekend and are to reopen for business on Tuesday next week.
Additional reporting by staff writer
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