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

Springer, Daily Mail lead European stocks recovery

Stock MarketsMay 30, 2019 06:38AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

By Medha Singh

(Reuters) - Jumps for two of Europe's biggest newspaper publishers helped European stocks gain early on Thursday, recovering from a more than 3-month closing low a day earlier as U.S.-China trade concerns continued to weigh on stock markets.

Germany's Axel Springer SE shares jumped to the top of the pan-European STOXX 600 after it said it was in talks with private equity firm KKR about a potential investment in the company.

Britain's Daily Mail also gained over 8% after it reported a better-than-expected 19% rise in first-half adjusted pretax profit and reaffirmed its forecasts for the full year.

By 0825 GMT, the STOXX 600 was up 0.3%, its first gain in three days with the European media index leading gains with a more than 1% rise.

"It looks like a small bounce after weeks of negative sentiment," said Simona Gambarini, markets economist at Capital Economics in London.

"I'm not sure how long it will last" as concerns over Italy's budget dispute with the European Union still remains and trade situation also doesn't seem to be getting any better."

German government bond yields also rose for the first time in four days as stocks recovered, boosting interest-rate sensitive bank stocks.

Milan's bank-heavy IBEX was the best performing country index while Britain's blue-chip FTSE 100 underperformed, weighed down by shares of energy utility National Grid (LON:NG) and retailer Marks & Spencer, as both stocks traded ex-dividend.

The benchmark STOXX 600 has climbed about 10% so far this year, but a series of shocks related to the trade tensions between Beijing and Washington - and their potential impact on growth - have pulled European shares down around 5% this month.

Political risks in Europe are also growing, with the EU and Italy at odds over Rome's budget, snap elections in prospect in Greece and Austria and Britain's chaotic Brexit process, now set to include choosing a new Prime Minister this summer.

A Reuters poll showed European shares would move sideways until the end of 2019 and would make just modest gains thereafter.

Among smaller names, De La Rue Plc, commercial designer and printer of passports and banknotes tumbled a quarter in value after the company issued a profit warning and said its chief executive would step down.

Traditionally defensive stocks - healthcare, utilities and telecom - were the only ones in the red.

Volumes were lighter than usual as markets in Switzerland, Denmark, Sweden, Austria among others were shut on account of Ascension day.

(This story corrects to say Madrid's IBEX in paragraph 8.)

Springer, Daily Mail lead European stocks recovery
 

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 Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
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 Investing.com'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
or
Sign up with Email