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Aug. 20, 2018, 12:24 p.m. EDT

Bayer and oil shares lead gains for European stock benchmarks

Greek equities end with slight gains as country emerges from bailout

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By Barbara Kollmeyer, MarketWatch


AFP/Getty Images
A big day for Greece on Monday

European stocks closed higher on Monday, joining a global equity rally as investors grew optimistic ahead of a week that includes a major U.S.-China trade meeting and a gathering of global central bankers.

Where are the major benchmarks trading?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.67%  rose 0.6% to 383.23. The move represents something of a modest rebound from recent losses, coming after a bruising 1.2% decline last week, its third straight weekly fall. Recent losses have been pegged to concerns over Turkey’s currency crisis and sluggish commodity prices.

Opinion: If turmoil spreads in Europe, expect heavy flows into U.S. stocks

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.97% closed up 1% to 12,331.30, its biggest one-day percentage gain since July 26. The index is coming off its third straight down week, its longest such stretch since February.

Greece’s ATHEX Composite Share Price Index /zigman2/quotes/210597948/delayed GR:GD -0.47%  rose 0.3% to 712.61.

France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -1.24%  gained 0.7% to 5,379.65 and the U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.55%  rose 0.4% to 7,591.26.

Italy’s FTSE MIB Index /zigman2/quotes/210598024/delayed IT:I945 -0.57% closed up 0.3% to 20,470.97.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.1501%  rose slightly against the dollar, changing hands at $1.1447, compared with $1.1438 late Friday in New York.

What’s driving the market?

An eight-year-long Greece bailout drama officially came to an end on Monday, with European Commission Vice President Valdis Dombrovskis congratulating Greece for emerging from out of the EU’s stability program. However, he also said the country needs “build on this achievement by sticking to sound fiscal and economic policies.”

Read: Greece gets green light to exit bailout, but worries linger

But while Greece may have been viewed as a positive, albeit long expected, the region could remain volatile amid worries about Italy’s economic and political situation. The single-currency bloc will face a big test this autumn when the new Italian government must present a budget. Italian banks fell in early trading, but they subsequent recovered off their lows of the day. Banco BPM SpA /zigman2/quotes/204236087/delayed IT:BAMI -2.23%  ended down less than 0.1% and Unione de Banche Italiane SpA /zigman2/quotes/200732627/delayed IT:UBI -0.86%  rose 0.7%.

Trade optimism lifted global equities, with U.S. stocks trading near multimonth highs. A report in The Wall Street Journal on Friday said negotiators on both sides are mapping out talks aimed at resolving major differences by November.

Read: Investors may be underestimating the risk stocks face from the midterm elections

/zigman2/quotes/210599654/delayed
XX : STOXX
366.48
-2.48 -0.67%
Volume: 0.00
July 8, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,494.81
-121.99 -0.97%
Volume: 74,362
July 8, 2020 6:30p
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/zigman2/quotes/210597948/delayed
GR : Athens Exchange
641.07
-3.05 -0.47%
Volume: 0.00
July 8, 2020 5:19p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,981.13
-62.60 -1.24%
Volume: 79,877
July 8, 2020 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,156.16
-33.74 -0.55%
Volume: 618,887
July 8, 2020 4:59p
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/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
19,899.53
-113.15 -0.57%
Volume: 0.00
July 8, 2020 5:35p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1347
+0.0017 +0.1501%
Volume: 0.0000
July 8, 2020 10:57p
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/zigman2/quotes/204236087/delayed
IT : Italy: Milan
1.36
-0.03 -2.23%
Volume: 19.16M
July 8, 2020 5:35p
P/E Ratio
2.59
Dividend Yield
N/A
Market Cap
€2.10 billion
Rev. per Employee
N/A
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/zigman2/quotes/200732627/delayed
IT : Italy: Milan
3.11
-0.03 -0.86%
Volume: 6.85M
July 8, 2020 5:35p
P/E Ratio
13.46
Dividend Yield
0.00%
Market Cap
€3.56 billion
Rev. per Employee
€232,018
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