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CAC 40 Opens Higher in Risk-On Trade, Most European Markets Follow

Published 10/03/2017, 03:46 AM
Updated 10/03/2017, 03:46 AM
© Reuters.  Most European stocks rise as optimism dominates

© Reuters. Most European stocks rise as optimism dominates

Investing.com - Most European markets opened higher on Tuesday, as market sentiment remained strong despite the Las Vegas mass shooting late Sunday and ongoing political turmoil in Spain.

The EURO STOXX 50 added 0.12% and France’s CAC 40 was up 0.17% by 03:45 a.m. ET (07:45 GMT). Germany’s DAX 30 was closed for a national holiday.

A gunman opened fire at a country music festival on the Las Vegas Strip late Sunday, killing at least 58 people and wounding more than 200 others before the suspect was killed by police.

The death toll would make the attack the deadliest mass shooting in U.S. history.

Meanwhile, Spain's IBEX 35 was down only 0.02%, recovering from sharp losses posted on Monday, as political turmoil slightly subsided.

On Sunday, 90% of Catalan voters favoured separating from the rest of the country in a highly contested referendum which resulted in clashes with Spanish police, injuring hundreds of people.

Financial stocks were mixed, as BNP Paribas (PA:BNPP) gained 0.32% and Societe Generale (PA:SOGN) slid 0.37% in France.

Among peripheral lenders, Intesa Sanpaolo (MI:ISP) rose 0.29% and Unicredit (MI:CRDI) edged down 0.11% in Italy, while Spanish banks Banco Santander (MC:SAN) advanced 0.79% and BBVA (MC:BBVA) plummeted 2.69%.

In London, FTSE 100 eased 0.09%, weighed by WPP (LON:WPP), whose shares tumbled 2.01% after the advertizing company indicated that it does not intend to sell its 24.7% stake in Asatsu-DK at the $1.3 billion price offered by Bain Capital, saying the tender “severely undervalues” the Japanese firm.

Mining stocks added to gains on the commodity-heavy index. Shares in BHP Billiton (LON:BLT) and Glencore (LON:GLEN) jclimbed 0.49% and 0.57%, while Rio Tinto (LON:RIO) rallied 0.96% and Anglo American (LON:AAL) jumped 1.94%.

Financial stocks were also broadly higher, as Lloyds Banking (LON:LLOY) edged up 0.12% and Barclays (LON:BARC) rose 0.23%, while the Royal Bank of Scotland (LON:RBS) gained 0.30% and HSBC Holdings (LON:HSBA) advanced 0.61%.

Meanwhile, Coca Cola HBC AG (LON:CCH) was one of the worst performers on the index, with shares down 1.94% after the sfot drinks bottler announced the death of its CEO, Dimitris Lois, just weeks after announcing that he was taking a leave of absence for treatment of a medical condition.

In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.20% rise.

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