EUROPE MARKETS: European Stocks Higher; DAX Set To Close 2018 With Biggest Loss In 10 Years
December 28 2018 - 9:25AM
Dow Jones News
By Emily Horton
German stocks were poised for their worst annual return in 10
years on the last trading day for that country Friday, while the
rest of Europe logged firm gains.
Wall Street trading remained volatile after a wild week of
trading.
What did markets do?
Gaining back some of Thursday's losses the Stoxx Europe 600
jumped by 2% to 336.17, after ending down 1.7% the previous day --
which marked a new 52-week low for trading on this market. For the
week, the index is down 6% and 14% lower for 2018 with just one
half-day session on Monday left.
The Stoxx Europe 50 index rose 1.9% to 2,992.17, and slipped
into a bear market.
The U.K.'s FTSE 100 saw the strongest gain, rising 2.2% to
6,731.77, after finishing down 1.5% on Thursday.
France's CAC 40 gained 2% to 4,690.26, while Italy's FTSE MIB
Italy index rose by 1.4% to 18,318.29.
On it is last day of trading for the year, the Germany's DAX 30
jumped by 1.7% to 10,558.96, and its overall market performance for
2018 was down by just under 18%, which would make for the biggest
annual loss since a 43% plunge in 2008.
The euro rose to $1.1467 from a level of $1.1433 late Thursday
in New York, while the pound dropped slightly to $1.2684 from
$1.2643 late Thursday.
What is driving the markets?
Oil prices rebounded
(http://www.marketwatch.com/story/oil-prices-rebound-a-day-after-another-big-pullback-supply-data-ahead-2018-12-28)
on Friday, lifting big energy names, such as BP PLC (BP.LN) .
(BP.LN) Investors have been wrestling with growing fears that a
deterioration in appetite for so-called risk assets from oil to
stocks was a sign of economic slowdown economic expansion.
Despite a wild week of trading in the U.S., the S&P 500 is
set to end the week with a 3% gain. However, investors were wary
after Wall Street's drastic market oscillations, with Asian markets
only making cautious gains
(http://www.marketwatch.com/story/nikkei-retreats-while-other-asian-markets-eke-out-cautious-gains-2018-12-27)
on Thursday off the back of the market turnaround in the U.S.
(https://www.bloomberg.com/news/articles/2018-12-27/euro-stoxx-50-enters-bear-market-as-year-end-rally-hope-vanishes)
What stocks are active?
Manufacturer AMS AG (AMS.EB) topped the Europe Stoxx 600
gainers, rising by 8%.
Among banks, UBS Group AG rose by just over 4% and pensions
provider Old Mutual Ltd. (OMU.LN) was up by close to 3%.
(END) Dow Jones Newswires
December 28, 2018 09:10 ET (14:10 GMT)
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