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Stocks - European Markets Open Sharply Higher as Wall Street Rebounds

Stock Markets Feb 12, 2018 03:35AM ET
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© Reuters. Frankfurt Stock Exchange

Investing.com - European markets opened sharply higher on Monday, helped by a rebound in U.S. equities on Friday, although concerns over rising inflation and bond yields persisted.

The EURO STOXX 50 rallied 1.76%, France’s CAC 40 jumped 1.22%, while Germany’s DAX 30 was up 1.72% by 03:30 a.m. ET (07:30 GMT).

Semtiment improved in the U.S. after the U.S. Congress passed a two-year budget agreement early Friday morning, ending a brief government shutdown.

The agreement is set to boost federal spending by almost $300 billion and suspend the debt ceiling for a year.

Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) rallied 1.36% and 1.43%, while Germany's Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) surged 2.41% and 2.15%.

Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) jumped 1.38% and 1.42% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) climbed 1.40% and 1.97%.

Elsewhere, Heineken (AS:HEIN) lost 3.20% after the Dutch brewer lowered its margin growth target.

On the downside, Airbus Group SE (PA:AIR) dropped 0.89% following news late last week that it agreed to pay €81.2 million to resolve a German bribery probe related to the sale of Eurofighter aircraft to Austria in 2003.

In London, FTSE 100 jumped 1.07%, as UK lenders tracked their European counterparts sharply higher.

Shares in Lloyds Banking (LON:LLOY) rose 0.33% and HSBC Holdings (LON:HSBA) climbed 0.64%, while Barclays (LON:BARC) and the Royal Bank of Scotland (LON:RBS) jumped 1.34% and 1.97% respectively.

Mining stocks were also higher on the commodity-heavy index, as Glencore (LON:GLEN) advanced 0.46% and BHP Billiton (LON:BLT) climbed 2.02%, while rival company Rio Tinto (LON:RIO) surged 2.43%.

Shares in Victrex (LON:VCTX) soared 4.42% after reporting a 41% increase in first quarter revenue on Friday, helped by strong performance in its industrial arm.

On the downside, Severn Trent (LON:SVT) saw shares slide 0.33%. Last week, the utilities company said it received fewer customer complaints in fourth quarter, despite seeing more supply interruptions than usual.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.71% climb, S&P 500 futures signaled a 0.70% increase, while the Nasdaq 100 futures indicated a 0.46% gain.

Stocks - European Markets Open Sharply Higher as Wall Street Rebounds
 

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