Europe Markets: European stocks on course to break losing streak as betting shares catch a bid

Stocks across Europe rose Thursday, aiming to break a two-session losing streak, with investors bidding up shares in stocks of betting companies as deal news brewed in that industry.

How markets are moving: The Stoxx Europe 600 SXXP, +0.35% rose 0.3% to 387.65, as telecom, utility and financial shares led advancers. On Wednesday, the benchmark fell 0.1%.

Germany’s DAX 30 index DAX, +0.61% rose 0.6% to 13,076.31, and France’s CAC 40 PX1, +0.33% rose 0.3% to 5,388.05. Spain’s IBEX 35 IBEX, +0.44%  rose 0.2% and the U.K.’s FTSE 100 UKX, +0.09% picked up 0.2% to 7,364.99, aided by continued weakness in the British pound GBPUSD, +0.0747%

The euro EURUSD, -0.1441%  traded at $1.1790, little changed from $1.1798 late Wednesday in New York.

What’s moving markets: “Shares in the U.K. and Europe opened higher on Thursday in a sign confidence is returning following a calmer day on Wall Street,” said Jasper Lawler, head of research at London Capital Group, in a note.

Investors in European assets also received data Thursday showing the eurozone economy remains firmly in recovery mode, with Eurostat saying its final print on third-quarter GDP came in at 0.6%, meeting expectations.

Still in focus are Brexit negotiations and in particular the chances for a deal on the Irish border issue, the last of three Brexit issues that have to be resolved before Friday, a deadline set by lead EU negotiator Michel Barnier. EU leaders are meeting Dec. 14-15 in Brussels, where they will assess whether there’s been “sufficient progress” in the U.K. withdrawal talks to move onto the next stage of trade and transition arrangements.

U.K. Prime Minister Theresa May is working on a new proposal for the Irish border that she will present on Thursday, Ireland’s Prime Minister Leo Varadkar said, according to media reports. A dispute with May’s Northern Ireland political allies over the issue of whether to have a “hard” or “soft” border scuttled a potential deal on Monday.

Stock movers: British bookmaker Ladbrokes Coral Group PLC LCL, +23.80%  rallied 25% after news the company is in £3.9 billion takeover talks with GVC Holdings PLC GVC, +4.57%  . GVC shares were up 4.1%.

William Hill PLC WMH, +2.95%  shares climbed 2.9% as that British bookmaker agreed to support Scientific Games Corp.’s SGMS, -0.56%  proposed acquisition of NYX Gaming Group Ltd. NYX, -0.42%  . As part of the agreement, William Hill plans to sell the 6.8 million NYX ordinary shares it owns to Scientific Games.

Broadcaster Sky PLC SKY, +1.52%  rose 2.2%. CNBC reported this week that Sky stakeholder 21st Century Fox Inc. FOXA, +0.67%  is closing in on a deal to sell some assets to Walt Disney Co. DIS, -1.64%  .

Steinhoff International Holdings NV SNH, -31.70%  sank 31%, extending Wednesday’s plunge of 63% after the retail holding company said Chief Executive Markus Jooste resigned with immediate effect amid an accounting probe.

Intrum Justitia AB INTRUM, +10.10%  jumped 9.4% after the Swedish debt collection company issued a strategy update.

Carrefour SA CA, -3.46%  fell 3.4% following a ratings downgrade to underperform from market-perform at Bernstein.

“Re-rating is based on wishful thinking,” including that politicians protecting French farmers will protect Carrefour from price competition, and that Ocado Group PLC’s OCDO, +1.06%  partnership deal with French supermarket company Groupe Casino SA CO, -1.97%  makes a Carrefour/Amazon.com Inc. AMZN, +0.94%  deal more likely. “None of it adds up,” wrote Bernstein analyst Bruno Monteyne in a research note.

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: Justice Department investigating AT&T and Verizon over collusion claim The Wall Street Journal: Justice Department investigating AT&T and Verizon over collusion claim
The New York Post: ‘Smallville’ actress Allison Mack arrested for alleged role in sex-slave cult Nxivm The New York Post: ‘Smallville’ actress Allison Mack arrested for alleged role in sex-slave cult Nxivm
The Wall Street Journal: Students across U.S. walk out to mark 19th anniversary of Colorado school shooting The Wall Street Journal: Students across U.S. walk out to mark 19th anniversary of Colorado school shooting
NewsWatch: Stock-market investors brace for months of political uncertainty as midterms approach NewsWatch: Stock-market investors brace for months of political uncertainty as midterms approach
The Tell: Stock-market investors brace for months of political uncertainty as midterms approach The Tell: Stock-market investors brace for months of political uncertainty as midterms approach
Bond Report: Yield for 10-year U.S. government bond jumps to more than 4-year high Bond Report: Yield for 10-year U.S. government bond jumps to more than 4-year high
CryptoWatch: Cryptocurrencies erupt, prominent altcoins notch double-digit gains for the week CryptoWatch: Cryptocurrencies erupt, prominent altcoins notch double-digit gains for the week
Market Snapshot: Stocks end lower but eke out weekly gains Market Snapshot: Stocks end lower but eke out weekly gains

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.