EUROPE MARKETS: European Markets Up Despite Latest Auto And Retail Woes

Date : 01/11/2019 @ 10:13AM
Source : Dow Jones News
Stock : FTSE 100 (UKX)
Quote : 6968.33  133.41 (1.95%) @ 4:35PM
FTSE 100 share price Chart

EUROPE MARKETS: European Markets Up Despite Latest Auto And Retail Woes

Ford Motor (NYSE:F)
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By Emily Horton

European markets were up on Friday after shrugging off the latest round of negative headlines from the global auto and retail sectors.

What did markets do?

The Stoxx Europe 600 gained 0.3% to 349.87 after finishing up 0.3% on Thursday; the European index has ended up four of the past five trading days.

The U.K.'s FTSE 100 was the biggest regional gainer, adding 0.8% to 6,997.80.

Germany's Dax 30 , France's CAC 40 and Italy's FTSE MIB Italy all added around 0.3%.

The euro climbed to $1.1525 from $1.1500 late in New York on Thursday, while the pound dropped to $1.2723 from $1.2749.

What is driving the markets?

(http://www.marketwatch.com/story/us-gains-312000-jobs-in-final-month-of-2018-soaring-above-wall-street-forecast-2019-01-04)Ford Motor Co. (F) launched an overhaul of its European business on Friday. It will include thousands of job cuts, plant closures and the cancellation of low-profit models amid poor performance at the global car maker, The Wall Street Journal reports (https://www.wsj.com/articles/ford-announces-major-european-restructuring-11547117814).

At it is factory in Saarlouis, Germany, 1,600 jobs are on track to be eliminated. Ford is also set to shut down its Ford Aquitaine plant in Bordeaux, France. In the U.K., no decision has been made over whether to close engine and component plants in Dagenham and Bridgend.

Macy's Inc. (M) plunged 17% (http://www.marketwatch.com/story/macys-stock-plunges-after-profit-and-sales-outlook-slashed-2019-01-10)on Thursday after the department store chain slashed its sales outlook. The news caused a ripple effect across the retail sector (http://www.marketwatch.com/story/retailer-stocks-take-a-broad-beating-led-by-macys-record-plunge-2019-01-10) following a number of other downbeat holiday-period sales reports.

In the U.S., President Donald Trump is digging his heels in over the partial government shutdown. White House officials are divided over whether the president should declare a national state of emergency to secure funding for his U.S./ Mexico border wall, the Journal reports (https://www.wsj.com/articles/white-house-looking-into-diverting-army-corps-funds-to-build-wall-11547161664).

Despite the shutdown, trade talks between China and the U.S. are still progressing, with China's top trade officials expected to visit the U.S. later this month (http://www.marketwatch.com/story/chinas-top-trade-official-expected-to-visit-us-for-trade-talks-mnuchin-says-2019-01-10)for more negotiations.

What stocks are active?

In health-care stocks, UDG Healthcare PLC (UDG.LN) dropped 7% and Eurofins Scientific S.E. (ERF.FR) fell by 3%.

British housebuilding company Taylor Wimpey PLC (TW.LN) gained 3% and Persimmon PLC (PSN.LN) added just over 2%, after Taylor Wimpey PLC's (TW.LN)strong results on Thursday (http://www.marketwatch.com/story/taylor-wimpey-expects-one-off-charge-over-pensions-2019-01-09).

Cie. Financière Richemont SA (CFR.EB) gained 2% on the news that it is revenues grew by 25% in the third-quarter to 3.92 billion euros ($4.52 billion) (http://www.marketwatch.com/story/richemont-revenue-up-despite-yellow-vest-headwind-2019-01-11), delivering results in line with expectations despite headwinds in some of its markets.

(http://www.marketwatch.com/story/richemont-revenue-up-despite-yellow-vest-headwind-2019-01-11)

 

(END) Dow Jones Newswires

January 11, 2019 04:58 ET (09:58 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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