Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Stocks Edge Higher; Gains from Pandora, Zalando Help

Stock MarketsOct 09, 2020 03:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets edged higher in cautious trading Friday, helped by growth in China’s service sector as well as renewed confidence of a U.S. stimulus package but with coronavirus worries ever present.

At 3:45 AM ET (0745 GMT), the DAX in Germany traded 0.1% higher, the CAC 40 in France rose 0.4% and the U.K.'s FTSE index climbed 0.4%. 

Earlier Friday, China’s Caixin Services Purchasing Managers Index rose to 54.8 in September, against August’s reading of 54, remaining in positive territory for a fifth consecutive month, suggesting the second largest economy in the world is quickly returning to health.

However, the economic news was less impressive in Europe. 

Britain's economy grew much more slowly than expected in August, with gross domestic product rising by just 2.1% from July, its slowest month-on-month increase since the economy began its recovery in May.

Additionally, French industrial production rose 1.3% in August from July, increasing at a much slower pace than in previous months, data from France's statistics agency Insee showed Friday.

Worries about the coronavirus continue to haunt the European markets, particularly after the World Health Organization reported a record one-day increase in global coronavirus cases on Thursday, led by a surge of infections in Europe.

More French cities are set to close bars in the coming days as Covid-19 infections spike, a move Berlin is set to adopt as Germany’s capital has one of the worst outbreaks in the country. In the U.K., some 17,540 new cases were logged Thursday, a rise of more than 3,000 from Wednesday.

Still, hopes of a coronavirus stimulus package are a boost to the markets with Democrat House of Representatives Speaker Nancy Pelosi and Republican Treasury Secretary Steven Mnuchin continuing efforts to reach a consensus.

In corporate news, Danish jewellery maker Pandora (OTC:PANDY) stock jumped 13% and German online fashion company Zalando SE (DE:ZALG) rose 4.6% and Danish pharma company Novo Nordisk (NYSE:NVO) gained 3.3% after all raising their outlooks for 2020.

British brokerage TP ICAP (LON:NXGN) fell 1.3% after agreeing to buy electronic trading network Liquidnet Holdings for up to $700 million, in a deal that will be partly funded via a $425 million rights issue.

Oil prices edged higher Friday, continuing a week of strong gains on the prospect of tighter supply given a strike in Norway, the world's third largest exporter of oil and gas, and the approach of Hurricane Delta in the Gulf of Mexico.

U.S. crude futures traded 0.2% higher at $41.28 a barrel, while the international benchmark Brent contract rose 0.3% to $43.46. Both contracts are on course for gains of around 10% this week.

Elsewhere, gold futures rose 1.2% to $1,917.65/oz, while EUR/USD traded 0.1% higher at 1.1773.



European Stocks Edge Higher; Gains from Pandora, Zalando Help

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email