EUROPE MARKETS: European Stocks Step Higher, Led By RBS, Rolls-Royce
February 20 2017 - 5:39AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Furniture seller Steinhoff International also a big winner
European stocks scored modest gains Monday, led higher by jumps
for Royal Bank of Scotland, Rolls-Royce and furniture seller
Steinhoff International.
Investors were keeping an eye on a Monday meeting of eurozone
finance ministers, who were expected to discuss a deadlock over
debt-wracked Greece's bailout
(http://www.marketwatch.com/story/greek-bailout-deal-is-within-sight-eus-moscovici-2017-02-16).
The Stoxx Europe 600 tacked on 0.3% to 371.18, building on last
week's gain of 0.8%. The pan-European benchmark logged its highest
close since December 2015
(http://www.marketwatch.com/story/european-stocks-stomp-toward-highest-close-since-2015-as-banks-rally-2017-02-15)
during last week's action.
The euro was trading at $1.0622, up from $1.0608 late
Friday.
Traders are braced for volatility for the shared currency as the
finance ministers meet, said FXTM Chief Market Strategist Hussein
Sayed in a note Monday. "Grexit" buzz might resurface if talks
between Athens and its creditors look like they're becoming more
complicated, he added.
Read: 6 ways Europe could trigger market turmoil in 2017
(http://www.marketwatch.com/story/6-ways-europe-could-trigger-market-turmoil-in-2017-2017-01-31)
Trading was expected to be somewhat subdued Monday, given U.S.
markets are closed for Presidents Day
(http://www.marketwatch.com/story/which-markets-will-be-closed-on-presidents-day-2017-02-16).
Movers: Shares in Royal Bank of Scotland Group PLC (RBS.LN)
(RBS.LN) gained 6% following news the bank might not sell its
Williams & Glyn business
(http://www.marketwatch.com/story/rbs-may-forgo-williams-glyn-sale-2017-02-20).
RBS had agreed to the sale during the financial crisis, but it has
proved troublesome.
Rolls-Royce Holdings PLC (RR.LN) jumped 4% after Goldman Sachs
analysts upgraded their rating for the engines maker to buy, as
they put the stock on their "conviction" list.
Steinhoff International Holdings N.V. climbed 7% for the Stoxx
600's biggest gain, after the Netherlands-listed furniture retailer
ended deal talks with South African supermarket operator Shoprite
Holdings Ltd. (SHP.JO) .
On the downside, Unilever PLC (ULVR.LN) (ULVR.LN) (UNA.AE) fell
more than 6% after American rival Kraft Heinz Co. (KHC) on Sunday
dropped its $143 billion offer
(http://www.marketwatch.com/story/kraft-heinz-withdraws-bid-for-unilever-2017-02-19)
for the Anglo-Dutch consumer-goods giant.
(http://projects.marketwatch.com/2017/trump-today-signup/)
National indexes: The U.K.'s FTSE 100 index was roughly
unchanged at 7,302.08.
France's CAC 40 index inched up 0.1% to 4,872.43, while
Germany's DAX 30 tacked on 0.6% to 11,822.57.
(END) Dow Jones Newswires
February 20, 2017 05:24 ET (10:24 GMT)
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