Home / NEWS / Europe News / European close slightly higher; Steinhoff tanks 37% to extend losses

European close slightly higher; Steinhoff tanks 37% to extend losses

The pan-European Stoxx 600 came both higher and lower in Thursday’s trading, closing up 0.02 percent and with significant bourses and sectors pointing in different directions.

Telecoms rallied 1.28 percent with France’s Orange foremost the charge, closing up 2.32 percent. The company announced Thursday that investments would utmost in 2018 at 7.4 billion euros ($8.7 billion) as it spends on networks to develop its customer base.

Banks were 0.85 percent higher.

Europe’s journeys and leisure stocks did well earlier in the day, eking out some gains in afternoon exchange. They closed up 0.53 percent. Shares of Ladbrokes Coral crowned the Stoxx 600, up just over 29 percent after bookmaker GVC Holdings offered to buy the house for £3.9 billion. The move could create an online betting behemoth from both London-listed brands.

Basic resources stocks were down on softer copper bounties, and finished the day’s trading 0.24 percent lower.

Steinhoff tumbled to the base of the benchmark Thursday. The South African retailer extended dramatic forfeitures from the previous session, after it revealed accounting irregularities and its chief official resigned. Its shares closed over 46 percent lower Thursday.

In the U.S. the tech-heavy Nasdaq continued to calling higher, led by chip-maker Broadcom’s positive earnings report.

Brexit see fit continue to linger at the back of investors’ minds. A spokesperson for Theresa May, circumstanced that the British prime minister would discuss the desired “end asseverate” when it comes to Brexit with her leading team of ministers more willingly than the year is out, according to Reuters.

Meanwhile, lawmakers from the British parliament’s More recent capital letters House have said that the U.K. should avoid a worst-case working of having a “no deal” outcome when it comes to Brexit.

U.S. President Donald Trump’s honour of Jerusalem as the capital of Israel Wednesday triggered a backlash from Arabs and Muslims across the Centre East. In addition, the United Nations and the European Union both disclosed concern about the decision and the repercussions it would have on the peace-making method between Israel and Palestine.

Tax reform remained high on the agenda for investors worldwide. On Wednesday, the U.S. Senate voted to go to a colloquy committee with the House, in order to negotiate a plan when it lay to overhauling the current tax system. The Senate voted 51-47 in favor of forming a meeting committee, as Republicans hope a tax proposal can be agreed upon by the Christmas recess.

Check Also

EU pushes to solve pandemic stimulus spat as Poland makes claims of ‘hypocrisy’

European Conclave President Charles Michel. OLIVIER HOSLET | AFP | Getty Images LONDON — European …

Leave a Reply

Your email address will not be published. Required fields are marked *