EUROPE MARKETS: European Stocks Climb For Sixth Time In Eight Trading Sessions

Date : 09/27/2019 @ 10:34AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 9.578  0.158 (1.68%) @ 4:40PM
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EUROPE MARKETS: European Stocks Climb For Sixth Time In Eight Trading Sessions

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By Steve Goldstein, MarketWatch

The path of least resistance was higher as European stocks on Friday advanced for the sixth time in eight tries on hopes for both monetary policy and fiscal stimulus.

The Stoxx Europe 600 increased 0.27% to 391.02, with steelmakers including Thyssenkrupp (TKA.XE), Voestalpine (VOE.VI) and ArcelorMittal (MT.FR) gaining ground.

The German DAX added 0.37% to 12333.94, the French CAC 40 added 0.17% to 5630.33 and the U.K. FTSE 100 rose 0.79% to 7409.24.

The gains in the U.K. were particularly strong as the Bank of England's Michael Saunders -- who in 2017 voted for rate hikes -- said the central bank might want to consider reducing interest rates even if the U.K. government reaches an agreement with the European Union over departing.

"In such a scenario - not a no-deal Brexit, but persistently high uncertainty - it probably will be appropriate to maintain an expansionary monetary policy stance and perhaps to loosen further," he said in remarks that pressured the British pound .

Strategists at RBC Capital Markets say governments may take the mantle from central banks in attempting to spur growth.

"The spreading economic downturn and the lack of room for monetary policy have increased calls for fiscal policy to step up. We firmly believe that this will be a growing theme over the coming months and quarters and will eventually have a significant impact on markets," the strategists told clients.

Former German finance minister Wolfgang Schauble, known for being reluctant to spend and now president of the German parliament, this week called for a review of fiscal policy.


(END) Dow Jones Newswires

September 27, 2019 05:19 ET (09:19 GMT)

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