Europe open: Markets rise after Kudlow's Sino-US trade optimism
By Duncan Ferris
Date: Friday 15 Nov 2019
(Sharecast News) - European stocks were higher on Friday morning, as comments from a senior official in Washington indicated that China and the US are close to wrapping up an initial trade deal.
At 0855 GMT, the Stoxx 600 was 0.3% higher at 405.70, as Germany's Dax rose by 0.2% to 13,211.38 and the CAC 40 climbed by 0.5% 5,932.35. Meanwhile, London's FTSE 100 was up by 0.3% at 7,316.45.
Hopes for an imminent Sino-US trade deal were sparked by White House economic advisor Larry Kudlow, who said that negotiations between the two superpowers were "down to the short strokes".
CMC Markets analyst Michael Hewson said: "Most people in the markets will be hoping that both parties can put the ball in the cup, because the constant prevarication about whether we'll see a phase one deal by year end is becoming tiresome."
Among individual stocks, chipmakers STMicroelectronics and ASML rose after California-based contemporary Applied Materials forecast a strong first quarter ahead of the rollout of 5G.
Danish IT solutions provider Simcorp was among the Stoxx 600's top risers after it reported strong revenue and earnings growth for the first nine months of the year.
Spanish telecoms operator Cellnex followed close behind after it raised its full-year earnings guidance.
Skandinaviska Enskilda Banken tumbled amid concerns that the Swedish bank could become embroiled in a money laundering scandal.
Fish farmers SalMar and Mowi both dropped after being issued with subpoenas by the antitrust division of the US department of justice as part of its investigation into alleged price-fixing of Atlantic salmon.
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