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Dec. 16, 2019, 11:49 a.m. EST

European stocks close at record high

Cineworld reaches deal to buy Canadian rival

By Steve Goldstein, MarketWatch


Associated Press
Britain's Prime Minister Boris Johnson pulls a pint with newly elected Conservative party MP for Sedgefield, Paul Howell at Sedgefield Cricket Club in County Durham, north east England, Saturday Dec. 14, 2019.

European stocks on Monday advanced to a record high, gaining ground in a broad-based rally.

The Stoxx Europe 600 (STOXX:XX:SXXP)  jumped 1.39% to 417.75, surpassing the previous closing high of 414.06 reached on April 15, 2015.

Last week’s wave of key news generally went in the direction that traders wanted, with the U.S. and China saying they have tentatively reached a trade deal, central banks in the U.S. and Europe saying they weren’t planning on lifting interest rates anytime soon, and the Conservatives winning the U.K. election.

Goldman Sachs strategists lifted their Stoxx 500 target in 12 month’s time to 440 from 420, saying a number of risks appear to be diminishing for Europe.

The U.K. FTSE 100 (FTSE:UK:UKX) surged 2.25% to 7519.05. Also read London Markets.

News that the flash reading of the IHS Markit eurozone manufacturing purchasing managers index fell to a 2-month low in December did little to spoil the sentiment.

Of stocks on the move, Cineworld Group (LON:UK:CINE)  shares turned higher after morning losses, rising 2.5%. It said it’s going to buy Canada’s Cineplex (TSE:CA:CGX)   for $2.1 billion in a deal that will add 165 cinemas to its portfolio.

Appliance maker Electrolux’s (OME:SE:ELUX.B)  shares dropped 10.6% after warning it will see lower savings from its North American manufacturing consolidation program next year.

Kerry Group (DUB:IE:KRZ)   fell 2.3% after losing out to International Flavors & Fragrances (NYS:IFF)  in trying to reach a deal for DuPont’s nutrition business.

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