EUROPE MARKETS: After A Pounding On Economy Fears, European Stocks Edge Up From One-month Low

Date : 10/03/2019 @ 5:28PM
Source : Dow Jones News
Stock : Campari (CPR)
Quote : 7.54  -0.23 (-2.96%) @ 12:35AM
Campari share price Chart

EUROPE MARKETS: After A Pounding On Economy Fears, European Stocks Edge Up From One-month Low

Remy Cointreau (EU:RCO)
Historical Stock Chart

6 Months : From Aug 2019 to Feb 2020

Click Here for more Remy Cointreau Charts.

By Steve Goldstein, MarketWatch

Remy Cointreau shares rally as cognac is to be excluded from new tariffs

European stocks on Thursday edged up slightly from one-month lows, as the specter of a new trade war, combined with a sputtering economy, damaged sentiment.

After suffering its worst single-day loss in nearly 11 months on Wednesday, the Stoxx Europe 600 increased 0.17% to 378.17.

The French CAC 40 gained 0.82% to 5467.10 while the U.K. FTSE 100 fell 0.25% to 7104.42.

Germany was closed for a holiday.

Ahead of key data on the U.S. service sector, the final reading of eurozone services PMI for September was revised lower to 51.6 from the initial 52 reading, and U.K. services PMI fell into contraction territory as it fell to 49.5 from 50.6.

The U.S. will introduce fresh tariffs on $7.5 billion of European Union goods following a World Trade Organization victory.

"With markets already looking vulnerable over concerns about a manufacturing recession starting to bleed into a slowdown in the services sector, the timing of the WTO ruling could not have come at a worse time for already jittery investors, along with the U.S. response to apply tariffs to a wide range of goods including malt whisky, French wines, and a range of food items, from October 18th," said Michael Hewson, chief market analysts at CMC Markets UK.

Analysts at Jefferies said the new tariffs actually weren't as bad as it feared for European alcoholic beverage makers. Remy Cointreau (RCO.FR) shares jumped 6% and Pernod Ricard (RI.FR) rose 3.6%, as cognac, champagne and liqueurs from France were excluded from the tariff list. Diageo (DGE.LN) and Campari (CPR.MI) shares also rose.

Airbus (AIR.FR) was another gainer, rising 4%, as parts made by one of its plants in Alabama will not be subject to new sanctions.

H&M (HM-B.SK) shares jumped 7% as the retail chain reported a stronger-than-forecast profit.


(END) Dow Jones Newswires

October 03, 2019 05:13 ET (09:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

Finance Manila is owned and operated by ADVFN PLC.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:fm D:20200229 14:16:45