European Shares Fluctuate Ahead Of Yellen’s Speech

European stocks were mixed on Thursday as investors tracked the latest developments in London after the terror attack around the Houses of Parliament and waited to see if U.S. President Donald Trump can close the deal on the Republican health care bill.

It is feared that failure to repeal and replace Obamacare would delay work on the rest of Trump’s legislative agenda, including tax reform.

Investors also awaited remarks by Federal Reserve Chair Janet Yellen and Minneapolis Fed President Neel Kashkari for more clues on the outlook for U.S. monetary policy.

The pan-European Stoxx Europe 600 index was up 0.12 percent at 374.51 in late opening deals after declining 0.4 percent on Wednesday on worries Trump will struggle to deliver his promises on tax cuts and regulatory reform.

The German DAX was up 0.1 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 were down around 0.2 percent.

IG Group shares fell nearly 5 percent in London after the British online trading company reported a 3.8 percent fall in quarterly revenue.

Home improvement retailer Kingfisher fell over 2 percent, a day after warning of an uncertain economic outlook because of Brexit and the French presidential elections.

Dutch digital security firm Gemalto tumbled 3.5 percent to extend Wednesday’s losses on a brokerage downgrade.

BASF was marginally higher after Stahl agreed to acquire its leather chemicals business.

Tesco, Britain’s largest supermarket, rose more than 1 percent after reportedly removing Heineken beers and ciders from its shelves over a Brexit row with manufacturers.

Next Plc shares soared 7 percent. The fashion retailer maintained its profit forecast after reporting its first decline in annual profits for eight years.

In economic releases, the day’s reports proved to be a mixed bag. GfK’s forward-looking consumer confidence index for Germany fell slightly short of analysts’ expectations and a gauge of French manufacturing sentiment deteriorated in March, while U.K retail sales…

Read the full article at the Original Source..

Back to Top