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04.10.2016 10:43

Major stock indices in Europe showing gains

European stocks traded higher, while Britain's FTSE 100 for the first time since June 1 2015 has reached 7000 points on the background of GBP's collapse.

Pound remains under pressure due to the statements of British Prime Minister Theresa May. On Sunday, she said that intended to triger Article 50 of the Lisbon Treaty until the end of March 2017.

Market participants also analyzed recent economic data for the euro zone and Britain. Report submitted by Markit Economics and CIBS, showed that the UK construction sector expanded, mainly due to a marked increase in activity in the residential segment. The index of business activity in the construction sector rose to 52.3 points from 49.2 points in August. Experts predicted that the rate will drop to 49.0 points. The index rose above 50 points for the first time in four months. Nevertheless, the growth rates were lower than the average for the entire research history (54.6 points). "A number of respondents noted that Brexit uncertainty declined among customers, although these concerns were a factor in the continuing decline in commercial construction work", - said Tim Moore, senior economist at IHS Markit.

Meanwhile, Eurostat reported that in August producer prices in the euro area decreased by 0.2%. Analysts had expected a decline of 0.1%. Among the 28 EU countries was also recorded a drop of 0.2%. In July, prices rose by 0.3% in the euro area and the EU. In annual terms, the producer price index fell by 2.1% in the euro area and by 1.6% in the EU. Changes were in line with expectations. In addition, the rate of decline in prices in the euro area slowed down compared to July, when the recession was seen at 2.8%. The largest price decline compared with July was noted in the Netherlands (-1.9%), Croatia (-1.4%), Ireland (-1.1%) and Hungary (-1.0%). Prices rose in Latvia (+ 0.9%), Sweden (+ 0.4%), and Cyprus (+ 0.2%).

The composite index of the largest companies in the region Stoxx Europe 600 up by 0.8 percent. German markets, which were closed yesterday for a national holiday, reopened today, and Deutsche Bank was again in the center of attention.

Shares of Deutsche Bank rose 0.6 percent. Recall, on Friday, stock fell to a record low, but then partially recovered amid expectations of a deal with the US authorities. However, negotiations are ongoing, and no agreement has been reached. However, today HSBC experts have lowered target price Deutsche Bank shares.

Quotes of ABB rose 0.5 percent, as the company announced a share buy-back scheme, totaling $ 3 billion in the period from 2017 to 2019.

Vivendi shares rose 2.1 percent, as Deutsche Bank raised the target price for the stock.

At the moment:

FTSE 100 +113.05 7096.57 + 1.62%

DAX +58.13 10569.15 + 0.55%

CAC 40 +38.65 4492.21 + 0.87%

04.10.2016 11:08

WSE: Mid session comment

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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