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Sept. 17, 2018, 2:51 p.m. EDT

H&M’s 17% stock surge is a bright spot for Europe’s stock index, but DAX ends lower

Italy stocks boosted; pound gains

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By Barbara Kollmeyer, MarketWatch


Getty Images
H&M store in Tel Aviv

Europe’s main equity benchmark ended slightly higher Monday as fresh U.S.-China trade worries weighed on investors’ appetite for stocks.

What are markets doing?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.10%  rose 0.1% to 378.31 after a 0.2% gain on Friday and a 1% gain last week.

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.12% closed off 0.2% at 12,096.41, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.42%  closed less than 0.1% lower at 5,348.87. The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.20%  also fell less than 0.1% to close at 7,302.10. Meanwhile, Italy’s FTSE MIB /zigman2/quotes/210598024/delayed IT:I945 -0.23%  jumped 1.1% to 21,111.40, marking the best daily gain in about a week.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0270%  traded at $1.1673, up from $1.1622 late Friday in New York. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.2948%  jumped to $1.3128 from $1.3068.

What is driving the market?

Trade tensions threatened a return on Monday, as China looked set to possibly turn down fresh U.S. trade talks if President Donald Trump moves ahead with $200 billion in tariffs against Chinese products.

Opinion: Why President Trump will keep escalating the trade war with China after midterms

The pound rose as negotiations between the U.K. and Brussels remained in focus, with the first of three summits to be held on Thursday amid hopes for progress on the Irish-border Brexit question. A stronger pound can weigh on the FTSE 100, as the index’s multinational companies generate most of their sales in other currencies.

The International Monetary Fund warned Monday that all “likely” Brexit outcomes will “entail costs for the U.K. economy.” And the U.K. Chamber of Commerce cut its economic forecast Monday.

Italian economy minister Giovanni Tria is said to be meeting Prime Minister Guiseppe Conte on Monday to lay out efforts to keep the country’s budget deficit under control. A new budget is due later this month.

Stock movers

Shares of Stoxx 600 heavyweight H&M Hennes & Mauritz AB /zigman2/quotes/208522175/delayed SE:HM.B -0.82%  surged 16.6% after the company posted forecast-beating sales for the third quarter. A revamp of its logistics infrastructure looks like it’s beginning to pay off.

ArGEN-X SE /zigman2/quotes/209977721/delayed BE:ARGX +1.93%   /zigman2/quotes/209927031/composite ARGX +2.56% ended down 0.5%, after jumping nearly 4% after the biotech company announced positive results for a treatment to help patients suffering from autoimmune diseases. Analysts at Stifel had said the news should “de-risk” the company.

German business software group SAP SE /zigman2/quotes/207905606/composite SAP -0.09%   /zigman2/quotes/203458330/delayed DE:SAP -0.31%   /zigman2/quotes/202053813/delayed XE:SAP -0.55%  was a heavyweight loser for the Stoxx 600 and the German DAX 30 index, dropping 1.3%.

/zigman2/quotes/210599654/delayed
XX : STOXX
393.08
-0.38 -0.10%
Volume: 0.00
Oct. 17, 2019 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,654.95
-15.16 -0.12%
Volume: 99,302
Oct. 17, 2019 6:30p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,673.07
-23.83 -0.42%
Volume: 88,695
Oct. 17, 2019 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,182.32
+14.37 +0.20%
Volume: 1.09M
Oct. 17, 2019 4:59p
loading...
/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
22,375.67
-52.42 -0.23%
Volume: 0.00
Oct. 17, 2019 5:36p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullet Prebon
1.1127
+0.0003 +0.0270%
Volume: 0.0000
Oct. 18, 2019 12:18a
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullet Prebon
1.2852
-0.0038 -0.2948%
Volume: 0.0000
Oct. 18, 2019 12:18a
loading...
/zigman2/quotes/208522175/delayed
SE : Sweden: Stockholm
kr 205.35
-1.70 -0.82%
Volume: 2.98M
Oct. 17, 2019 5:29p
P/E Ratio
26.61
Dividend Yield
4.75%
Market Cap
kr342.68 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209977721/delayed
BE : Belgium: Euronext Brussels
105.80
+2.00 +1.93%
Volume: 62,659
Oct. 18, 2019 3:01a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€3.96 billion
Rev. per Employee
€294,274
loading...
/zigman2/quotes/209927031/composite
US : U.S.: Nasdaq
$ 117.91
+2.94 +2.56%
Volume: 76,557
Oct. 17, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.38 billion
Rev. per Employee
$347,170
loading...
/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 128.60
-0.12 -0.09%
Volume: 972,178
Oct. 17, 2019 6:30p
P/E Ratio
43.05
Dividend Yield
0.94%
Market Cap
$153.64 billion
Rev. per Employee
$302,071
loading...
/zigman2/quotes/203458330/delayed
DE : Germany: Frankfurt
116.24
-0.36 -0.31%
Volume: 1,799
Oct. 17, 2019 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€256,047
loading...
/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
116.00
-0.64 -0.55%
Volume: 2.63M
Oct. 17, 2019 6:30p
P/E Ratio
44.46
Dividend Yield
1.29%
Market Cap
€139.22 billion
Rev. per Employee
€256,047
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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