Business InsiderTop News

Stocks – Europe Edges Higher; Positive Earnings Help

imageStock Markets4 hours ago (Apr 20, 2020 03:45AM ET)

(C) Reuters.

By Peter Nurse – European stock markets edged higher Monday, helped by some positive earnings news amid talk of additional recovery funds for the region.

At 3:35 AM ET (0735 GMT), the U.K.’s FTSE index traded 0.2% higher, France’s CAC 40 was up 0.1%, while the DAX rose 0.4%. The broader based Stoxx 600 Europe index climbed 0.2%.

The Spanish government plans to propose to its EU partners that the bloc create a 1.5 trillion euro ($1.63 trillion) fund to aid recovery in countries worst-hit by the coronavirus crisis, the El Pais newspaper reported on Monday, citing an internal document.

Spain’s Prime Minister Pedro Sanchez plans to make a formal proposal to his EU colleagues during a summit on Thursday, the newspaper said. European Union’s Economics Commissioner Paolo Gentiloni that aid worth around 1.5 trillion euros could be needed to tackle the coronavirus crisis.

In corporate news, Vivendi (PA:VIV) shares climbed 3% after the French media conglomerate reported Monday a 4.4% growth in revenue in the first quarter, led by its Universal Music division.

Also on the up was Koninklijke Philips (NYSE:PHG), despite pulling its forecast for 2020 as the virus outbreak resulted in its first quarter profit falling by three quarters. The Dutch technology company added that the virus is expected to affect all geographies in the second quarter but sees a modest return to profitability in the second half. Philips shares climbed 3.6%.

Oil prices have remained weak Monday, as producers continue to grapple with a supply glut.

At 3:35 AM ET, U.S. crude futures traded 5.6% lower at $23.63 a barrel. The international benchmark Brent contract fell 2.5% to $27.39.

Elsewhere, gold futures fell 0.7% to $1,687.80/oz, while EUR/USD traded at 1.0862, down 0.1% on the day.

Stocks – Europe Edges Higher; Positive Earnings Help

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!