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European Markets Move Higher As Buying Resumes

stockmarkets dec17 28dec18

European markets are up in positive territory on Friday, recovering from multi-month lows recorded in the previous session, taking positive lead from Wall Street where stocks rebounded sharply on Thursday after an initial setback.

Rising crude oil prices too contribute to the uptick in European markets.

Although worries about global economic growth, the impact of partial government shutdown in the U.S., and uncertainty about U.S-China trade deal and Brexit continue to weigh on sentiment, traders are busy picking up shares ahead of the year end.

Among the major markets in Europe, the U.K. is gaining ground, riding on gains in automobile, oil & gas, insurance, software, construction, mining and telecom sectors.

The FTSE 100 index is up 105.82 points, or 1.6%, at 6,690.50. The index ended lower by 1.5% on Thursday.

British American Tobacco, Capita, RBS, CRH, Dixons Carphone, Babcock International, BP and Mediclinic International are rising 3 to 4.2%.

Glencore, Old Mutual, Legal & General, Standard Chartered, Sage, Centrica, WPP, National Grid, Ashtead Group, Aviva and Micro Focus are up 2.5 to 3%.

The German market's DAX is up 186.10 points, or 1.8%, at 10,567.61, after having tumbled 1.6% in the previous session.

France's CAC 40 is up 77.80 points, or 1.69% at 4,676.41. The index had shed 0.6% on Thursday. Switzerland's SMI is gaining about 2.15%.

Among other markets in Europe, Austria, Ireland, Italy, Netherlands, Poland, Russia, Spain and Sweden are higher by 1.2 to 2%. Greece, Portugal and Turkey are modestly higher.

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