Bulletin
Investor Alert

New York Markets Open in:

Europe Markets Archives | Email alerts

May 10, 2017, 12:32 p.m. EDT

European stocks finish at fresh 21-month high

AXA to take U.S. life-insurance unit public

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    EURO STOXX 50 Volatility (VSTOXX) Index EUR (SX001996)
  • X
    ING Groep N.V. (INGA)

or Cancel Already have a watchlist? Log In

By Carla Mozee and Victor Reklaitis, MarketWatch


Getty Images
The broadcast tower at Alexanderplatz in Berlin.

European stocks closed with small gains Wednesday, helping the region’s benchmark to a fresh 21-month high.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.34% edged up 0.2% to finish at 396.45, its highest closing level since August 2015.

That comes after the pan-European gauge tacked on 0.5% on Tuesday. The index is up 9.7% this year, after getting a boost ahead of markets-friendly Emmanuel Macron‘s victory in the French presidential election on Sunday.

“While markets are relieved at not having to fret any more about the prospect of a political and populist upheaval in Europe, there is some uncertainty as to whether we can go higher from here or whether we need a brief pullback first,” said Michael Hewson, chief market analyst at CMC Markets.

“Either way, investors don’t appear to be too concerned about the risks of sharp selloffs, given the low levels seen in various index volatility indicators which are sitting at multiyear lows,” he said in a note.

The Euro Stoxx 50 Volatility Index /quotes/zigman/210599224/realtime XX:SX001996 -4.99% dropped to its lowest level since March on Monday and fell further Tuesday, then gained slightly Wednesday.

See: Low volatility means ‘historic opportunities’ to buy options, Goldman says

Also: Why are markets ignoring the black swans? asks Nouriel Roubini

Click to Play

With Comey Fired, What Happens to Russia Probe?

President Trump dropped a political bombshell on Tuesday when he fired FBI Director James Comey. WSJ's Gerald F. Seib examines how Comey's exit affects the investigations into possible ties between the Trump campaign and Russia. Photo: Getty

In the U.S., stocks were little changed Wednesday as European markets closed, bouncing back from earlier loss that some analysts had blamed in part on President Donald Trump’s surprise firing of Federal Bureau of Investigation Director James Comey. Market moves across the pond can help drive investor sentiment in Europe.

Stock movers: ING Groep NV /zigman2/quotes/206930324/delayed IT:INGA -2.03%  rose 1.3% as the Dutch bank’s first-quarter underlying pretax profit rose 39%, boosted by continued loan growth.

AXA SA /zigman2/quotes/202169431/delayed FR:CS -0.01%  closed 0.2% lower as the French insurance company said it plans to take its large U.S. life-insurance operations public. AXA also said first-quarter revenue was nearly flat.

Barratt Developments PLC /zigman2/quotes/209812640/delayed UK:BDEV -3.13% gained 2.3%. The home builder said its fiscal 2017 pretax profit will come in at top end of analysts’ expectations.

BPER Banca SpA /zigman2/quotes/200216094/delayed IT:BPE -1.38% fell 5.7% after Kepler Cheuvreux cut its price target on the Italian lender to 5.9 euros from 6.1 euros, but confirmed its buy recommendation, according to Dow Jones Newswires.

GEA Group AG /zigman2/quotes/202023693/delayed DE:G1A -1.00%  dropped 5.1% as Citi lowered its per-share earnings view on the German food-processing technology company, citing intensifying margin pressures. The price target was slightly lowered to €42 from €42.50, “as better cash flow mitigates our EPS cuts”.

National indexes: The German DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX -0.35%  rose 0.1% to end at 12,757.467 for another record close. France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.14% gained less than 0.1% to finish at 5,400.46. The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.53% was up 0.6% at 7,385.24.

Economic data: French industrial production rose a more-than-expected 2% in March on a surge in output of manufactured goods.

Around 15% of eurozone workers are unemployed or underemployed, according to a European Central Bank estimate released Wednesday. That suggests wages and inflation in the 19-country bloc are unlikely to pick up for some time.

Read: The ECB should avoid the temptation to cancel QE

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.0504%  fetched $1.0870, little changed from $1.0875 late Tuesday in New York.

/zigman2/quotes/210599654/delayed
XX : STOXX
391.04
-1.35 -0.34%
Volume: 0.00
Nov. 25, 2020 12:25p
loading...
/quotes/zigman/210599224/realtime
XX : STOXX
21.37
-1.12 -4.99%
Volume:
Nov. 24, 2020 12:00a
loading...
/zigman2/quotes/206930324/delayed
IT : Italy: Milan
8.33
-0.17 -2.03%
Volume: 16,594
Nov. 25, 2020 12:02p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€30.97 billion
Rev. per Employee
€608,050
loading...
/zigman2/quotes/202169431/delayed
FR : France: Euronext Paris
19.69
-0.0020 -0.01%
Volume: 2.91M
Nov. 25, 2020 12:24p
P/E Ratio
17.15
Dividend Yield
3.71%
Market Cap
€45.21 billion
Rev. per Employee
€1.13M
loading...
/zigman2/quotes/209812640/delayed
UK : U.K.: London
624.60 p
-20.20 -3.13%
Volume: 881,594
Nov. 25, 2020 11:21a
P/E Ratio
16.07
Dividend Yield
0.00%
Market Cap
£6.58 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200216094/delayed
IT : Italy: Milan
1.50
-0.02 -1.38%
Volume: 14.05M
Nov. 25, 2020 12:19p
P/E Ratio
25.93
Dividend Yield
0.00%
Market Cap
€2.14 billion
Rev. per Employee
€194,206
loading...
/zigman2/quotes/202023693/delayed
DE : Germany: Frankfurt
28.70
-0.29 -1.00%
Volume: 655.00
Nov. 25, 2020 11:54a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€258,996
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,245.71
-46.73 -0.35%
Volume: 27,242
Nov. 25, 2020 12:25p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,550.57
-7.85 -0.14%
Volume: 38,252
Nov. 25, 2020 12:25p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,397.85
-34.32 -0.53%
Volume: 420,325
Nov. 25, 2020 11:25a
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1888
-0.0006 -0.0504%
Volume: 0.0000
Nov. 25, 2020 6:39a
loading...

Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee. Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.