EUROPE MARKETS: European Stocks Edge Higher To Flirt With 2-year High
March 30 2017 - 6:08AM
Dow Jones News
By Sara Sjolin, MarketWatch
Germany's DAX 30 set for highest close since 2015
European stock markets rose for a third straight day on
Thursday, lifted by the oil sector after encouraging news from
energy major Saipem.
The Stoxx Europe 600 index added 0.1% to 378.73, on track for
its highest close since December 2015, according to FactSet
data.
The pan-European benchmark on Wednesday ended 0.3% higher
(http://www.marketwatch.com/story/european-stocks-inch-higher-as-traders-wait-for-brexit-kickoff-2017-03-29),
as investors largely ignored the U.K. officially kicking off the
Brexit process by invoking Article 50 of the Treaty of Lisbon.
The British government, led by Prime Minister Theresa May, is
expected on Thursday to publish its plans for converting European
Union law into U.K. law
(http://www.marketwatch.com/story/uk-to-reveal-plans-to-convert-eu-laws-for-britain-as-brexit-process-gets-underway-2017-03-30).
Read:Brexit: Here's what happens now that the U.K. has triggered
Article 50
(http://www.marketwatch.com/story/brexit-heres-what-happens-now-that-the-uk-has-triggered-article-50-2017-03-29)
Also read:'We already miss you,' EU president Tusk tells U.K.
after Brexit letter
(http://www.marketwatch.com/story/we-already-miss-you-eu-president-tusk-tells-uk-after-brexit-letter-2017-03-29)
"The market reaction to the event was relatively muted in the
end, something that wasn't guaranteed given the sensitivity to
Brexit related news over the last nine months, particularly in the
U.K," said Craig Erlam, senior market analyst at Oanda, in a
note.
The U.K.'s FTSE 100 index rose 0.1% to 7,379.17 on Thursday,
building on a 0.4% rise from Wednesday
(http://www.marketwatch.com/story/ftse-100-hangs-to-small-gain-as-brexit-work-gets-underway-2017-03-30).
The pound traded at $1.2413, down from $1.2435 late Wednesday in
New York.
Oil optimism: Gains for oil companies helped lift European stock
markets. Shares of Saipem (SPM.MI) added 1.9% after the Italian
energy giant said late Wednesday it had successfully returned to
the bond market as oil prices have started to recover.
Shares of BP PLC (BP.LN) (BP.LN) put on 0.8%, Total SA (TOT)
(TOT) added 0.7%, and Statoil ASA (STL.OS) moved 2% higher.
Oil prices traded lower on Thursday
(http://www.marketwatch.com/story/oil-prices-make-steady-gains-after-rallying-to-a-three-week-high-2017-03-30),
pulling back from a three-week high reached on Wednesday.
Euro slump: The euro slid against all other major currencies It
was changing hands at $1.0739, down from $1.0767 late Wednesday in
New York.
The shared currency lost ground after Reuters reported that the
European Central Bank is reluctant to make any changes to its
(http://uk.reuters.com/article/us-ecb-policy-idUKKBN1701HI) policy
statement at its April meeting, because the market misinterpreted
the message from its March meeting. The bank didn't mean to send a
hawkish signal, according to officials.
The euro was also weighed down by regional inflation reports
from Germany, which showed consumer prices rose less than expected
in March. The overall German inflation data are due to come out at
1 p.m. London time, or 8 a.m. Eastern Time. They are expected to
show a decline to 1.8%, from 2.2% in February.
Eurozone consumer confidence for March was confirmed at minus 5
points.
Individual indexes: Germany's DAX 30 index was up 0.1% at
12,216.90, on track for its highest close since April 2015.
France's CAC 40 index was marginally lower at 5,067.64, while
Italy's FTSE MIB index traded 0.2% lower at 20,243.93.
(END) Dow Jones Newswires
March 30, 2017 05:53 ET (09:53 GMT)
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