Plus   Neg

European Shares Edge Higher As Catalonia Worries Ease


European stocks were slightly higher on Monday, with underlying sentiment supported by easing worries over Catalonia after hundreds of thousands of pro-Spanish unity supporters marched through the streets of Barcelona on Sunday.

The day's economic reports also painted a positive picture of regional economies.

German industrial output grew 2.6 percent month-on-month in August, reversing a revised 0.1 percent fall in July, official data showed today.

Survey results from think tank Sentix showed that Eurozone investor confidence strengthened to a 10-year high in October. The investor confidence index rose unexpectedly to 29.7 from 28.2 in September.

Separately, survey data from Bank of France revealed that the French economy is forecast to grow as previously projected in the third quarter.

The pan-European Stoxx Europe 600 index was up 0.2 percent at 390.05 in late opening deals after declining 0.4 percent on Friday.

The German DAX was marginally higher and French shares were little changed while the U.K.'s FTSE 100 was down 0.2 percent, hit by a strengthening pound ahead of a slew of economic reports due this week, including the latest inflation, retail sales and unemployment data.

Spain's CaixaBank rallied 2 percent after its board agreed to shift its registered domicile out of Catalonia.

Building materials and solutions company LafargeHolcim advanced 0.6 percent after naming a new CFO.

Similarly, mobile equipment company Ericsson gained over 1 percent after appointing former Atlas Copco CEO as its new chairman.

EasyJet shares fell over 1 percent in London. The New York Times reported that the airline's talks with the insolvent carrier Air Berlin over the sale of up to 30 planes are at risk of falling apart.

Smith & Nephew lost about 1 percent on saying its CEO Olivier Bohuon would retire by the end of 2018.

Airbus tumbled 3 percent after its CEO warned of turbulent times ahead.

Deutsche Bank shares fell 1.3 percent. Chief Executive Officer John Cryan hasn't yet met with one of the bank's top investors but plans to do so, the Bloomberg quoted a spokeswoman as saying.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT