Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

European stocks open higher despite geopolitical concerns; DAX up 0.75%

Published 04/12/2017, 03:36 AM
Updated 04/12/2017, 03:36 AM
© Reuters. Frankfurt stock exchange

Investing.com - European stocks opened higher on Wednesday, despite ongoing concerns over geopolitical tensions around the globe and ahead of the French presidential election.

During European morning trade, the EURO STOXX 50 climbed 0.75%, France’s CAC 40 gained 0.74%, while Germany’s DAX 30 advanced 0.75%.

Earlier in the week, a U.S. Navy strike group was sent toward the western Pacific - a force U.S. President Donald Trump described as an "armada".

North Korean state media warned on Tuesday of a nuclear attack on the U.S. at any sign of American aggression.

Meanwhile, U.S. Secretary of State Rex Tillerson was expected in Moscow on Wednesday where he was set to meet with his Russian counterpart Sergey Lavrov to discuss Ukraine, counterterrorism, bilateral relations and other issues, including the Korean Peninsula and Syria.

Separately, the United Nations Security Council was set to host a meeting regarding the ongoing Syrian conflict.

Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.85% and 0.40%, while Germany’s Deutsche Bank (DE:DBKGn) rallied 0.98%.

Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) advanced 0.42% and 0.59% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) climbed 0.47% and 0.60%.

On the downside, Fortum Oyj (HE:FORTUM) fell 0.31% after the Finnish energy company failed on Tuesday to convince investors with a commission for a 70-MW solar project.

In London, FTSE 100 advanced 0.48%, as U.K. lenders tracked their European counterparts higher.

Shares in Lloyds Banking (LON:LLOY) rose 0.27% and HSBC Holdings (LON:HSBA) gained 0.71%, while the Royal Bank of Scotland (LON:RBS) and Barclays (LON:BARC) jumped 0.85% and 1.02% respectively.

Drugmaker GlaxoSmithKline PLC (LON:GSK) advanced 0.36%, after falling on Tuesday when it said it was recalling 600,000 asthma inhalers.

Bovis Homes (LON:BVS) was also on the upside, with shares climbing 0.46% following news the housebuilder had rejected the takeover approach from Galliford Try.

Meanwhile, mining stocks were mostly lower on the commodity-heavy index. Shares in BHP Billiton (LON:BLT) eased 0.08% and Rio Tinto (LON:RIO) edged down 0.20%, while Randgold (LON:RRS) ressources retreated 0.80%. Glencore (LON:GLEN) overperformed however, with shares adding 0.17%.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.19% increase, S&P 500 futures showed a 0.18% gain, while the Nasdaq 100 futures indicated a 0.17% rise.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.