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Feb. 12, 2019, 8:22 a.m. EST

Michelin helps drive gains for Europe as investors eye trade deal, U.S. politics

Michelin soars on upbeat results, outlook

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By Emily Horton


Bloomberg

European indexes were positive on Tuesday, with auto-part companies gaining after upbeat results from Michelin and investors optimistic about a potential trade deal and hopes the U.S. can avoid another damaging government shutdown.

How are markets performing?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.10% rose 0.4% to 362.66 in Tuesday, after the index finished up 0.9% on Monday.

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -1.09% led the regions gainers, adding 1.1% to 11,137.18. As well, Italy’s FTSE MIB climbed by 1.1%, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.69% rose by 0.9% to 5,060.35. The Spanish IBEX 35 /zigman2/quotes/210597995/delayed XX:IBEX -0.23%  index rose by 0.7% to 9000.90.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.34% was flat at 7,132.45.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0086% fell slightly to $1.1291 on Tuesday, from $1.1278 late Monday in New York, while the pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0157% dipped to $1.2869 from $1.1278.

What’s driving the markets?

In the U.S., Democratic and Republican lawmakers said late Monday that a deal had been reached to avert another damaging government shutdown, though U.S. President Donald Trump will still need to put his final stamp of approval on the border-wall funding agreement.

Investors also remain glued to ongoing trade talks in China, entering a second day. Trump senior adviser Kellyanne Conway told Fox News & Friends that Trump and China President Xi Jinping seem nearer a trade deal . Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer are due to arrive Thursday for more high-level discussions as a March 2 agreement deadline between the two countries looms.

In the U.K., Prime Minister Theresa May will plead with parliament to give her two more weeks to improve her Brexit deal. The PM is expected to ask U.K. politicians to not to hinder her efforts to win concessions from Brussels while talks are ongoing.

What shares were active?

Shares of Compagnie Generale des Etablissements Michelin /zigman2/quotes/203570581/delayed FR:ML -0.53%  climbed 11% Tuesday, boosting rivals as investors cheered the French tire maker’s results and outlook for the year. Continental AG /zigman2/quotes/202192628/delayed DE:CON -0.11%  and Pirelli & C. SpA /zigman2/quotes/207723671/delayed IT:PIRC -2.80%  shares rose 4% and nearly 5% higher, respectively.

Other autos-related stocks also rose, with Daimler AG /zigman2/quotes/205332368/delayed DE:DAI -1.13%  up 2% and Volkswagen AG /zigman2/quotes/204309985/delayed DE:VOW3 -2.67%  adding 3.6%.

Gucci owner Kering /zigman2/quotes/204653408/delayed FR:KER -0.63%  said its net profit had doubled in 2018 and raised its dividend for the year on Tuesday, but shares dropped by 2%. ING analysts said in a note to clients that the upbeat results had largely been priced into the stock and the company still had “little performance potential.”

But Kering’s results reassured other luxury brands that the Chinese still have an appetite for luxury goods despite the country’s economic slowdown. Moet Hennessy Louis Vuitton SE /zigman2/quotes/201350549/delayed FR:MC -0.40% gained 2% and Burberry Group PLC /zigman2/quotes/205386705/delayed UK:BRBY +0.75%  added 0.7%.

Thyssenkrupp AG /zigman2/quotes/207409543/delayed DE:TKA -4.54% dropped by 2% after the company reported a profit gain, but cited risks from economic and political uncertainties.

TUI AG /zigman2/quotes/207049334/delayed UK:TUI +1.77% lost 3% after the travel company said net losses for the first quarter widened due to the unusually long and hot summer in Northern Europe.

French car maker Renault SA /zigman2/quotes/200919924/delayed FR:RNO -2.35%  lost 0.4% after it confirmed that former chief executive Carlos Ghosn will still holds other positions with the group .

Metro AG /zigman2/quotes/207598928/delayed DE:B4B -0.07%  climbed by 3%, after the German retailer announced upbeat sales.

/zigman2/quotes/210599654/delayed
XX : STOXX
355.51
-0.34 -0.10%
Volume: 0.00
Sept. 25, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,469.20
-137.37 -1.09%
Volume: 66,129
Sept. 25, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,729.66
-32.96 -0.69%
Volume: 96,957
Sept. 25, 2020 6:05p
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
6,628.30
-15.10 -0.23%
Volume: 263.36M
Sept. 25, 2020 5:38p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,842.67
+19.89 +0.34%
Volume: 699,068
Sept. 25, 2020 4:57p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1633
+0.0001 +0.0086%
Volume: 0.0000
Sept. 25, 2020 4:59p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2745
-0.0002 -0.0157%
Volume: 0.0000
Sept. 25, 2020 4:59p
loading...
/zigman2/quotes/203570581/delayed
FR : France: Euronext Paris
90.94
-0.48 -0.53%
Volume: 431,656
Sept. 25, 2020 5:35p
P/E Ratio
21.72
Dividend Yield
2.20%
Market Cap
€16.23 billion
Rev. per Employee
€198,272
loading...
/zigman2/quotes/202192628/delayed
DE : Germany: Frankfurt
89.30
-0.10 -0.11%
Volume: 461.00
Sept. 25, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€182,564
loading...
/zigman2/quotes/207723671/delayed
IT : Italy: Milan
3.64
-0.11 -2.80%
Volume: 2.61M
Sept. 25, 2020 5:35p
P/E Ratio
98.64
Dividend Yield
N/A
Market Cap
€3.64 billion
Rev. per Employee
€172,066
loading...
/zigman2/quotes/205332368/delayed
DE : Germany: Frankfurt
44.25
-0.51 -1.13%
Volume: 9,790
Sept. 25, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€560,333
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
134.30
-3.68 -2.67%
Volume: 5,780
Sept. 25, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/204653408/delayed
FR : France: Euronext Paris
566.00
-3.60 -0.63%
Volume: 186,372
Sept. 25, 2020 5:35p
P/E Ratio
39.17
Dividend Yield
1.41%
Market Cap
€70.76 billion
Rev. per Employee
€392,735
loading...
/zigman2/quotes/201350549/delayed
FR : France: Euronext Paris
400.20
-1.60 -0.40%
Volume: 462,863
Sept. 25, 2020 5:37p
P/E Ratio
45.56
Dividend Yield
1.20%
Market Cap
€201.44 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,544.50 p
+11.50 +0.75%
Volume: 764,946
Sept. 25, 2020 4:35p
P/E Ratio
52.62
Dividend Yield
0.73%
Market Cap
£6.23 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207409543/delayed
DE : Germany: Frankfurt
4.44
-0.21 -4.54%
Volume: 28,236
Sept. 25, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€227,908
loading...
/zigman2/quotes/207049334/delayed
UK : U.K.: London
270.60 p
+4.70 +1.77%
Volume: 1.40M
Sept. 25, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£1.60 billion
Rev. per Employee
£250,630
loading...
/zigman2/quotes/200919924/delayed
FR : France: Euronext Paris
21.57
-0.52 -2.35%
Volume: 2.09M
Sept. 25, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€6.25 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207598928/delayed
DE : Germany: Frankfurt
8.52
-0.0060 -0.07%
Volume: 470.00
Sept. 25, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€187,155
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