EUROPE MARKETS: European Stocks End Higher, Led By RBS, Rolls-Royce
February 20 2017 - 12:11PM
Dow Jones News
By Victor Reklaitis, MarketWatch
Furniture seller Steinhoff International also a big winner
European stocks scored modest gains Monday, helped by jumps for
Royal Bank of Scotland, Rolls-Royce and furniture seller Steinhoff
International.
Investors also tracked a tightening French presidential race, as
well as progress made on debt-laden Greece's bailout at a meeting
of eurozone finance ministers.
The Stoxx Europe 600 tacked on 0.2% to end at 371.04, 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.
Trading was somewhat subdued Monday, as U.S. markets were closed
for Presidents Day
(http://www.marketwatch.com/story/which-markets-will-be-closed-on-presidents-day-2017-02-16).
"Political developments in France and Greece and the absence of
U.S. investors, who were busy celebrating Presidents Day, meant
European stocks showed no clear direction on Monday," said Jasper
Lawler, senior market analyst at London Capital Group, in a
note.
"Europe is caught between the good news of a likely Greek
bailout deal and the bad news of rising anti-EU sentiment in France
before its election," Lawler added.
There has been a deadlock in Greek bailout talks
(http://www.marketwatch.com/story/greek-bailout-deal-is-within-sight-eus-moscovici-2017-02-16),
but the European Union's economics chief, Pierre Moscovici, said
Monday after the meeting of ministers that both sides are committed
to reaching a deal
(https://twitter.com/dgatopoulos/status/833714814497198082).
Meanwhile, a poll showed French populist Marine Le Pen gaining
ground
(http://uk.reuters.com/article/uk-france-election-poll-idUKKBN15Z1FN)
on her main election rivals.
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)
The euro was trading at $1.0623, up from $1.0608 late
Friday.
Movers: Shares in Royal Bank of Scotland Group PLC (RBS.LN)
(RBS.LN) gained 6.8% 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 6.3% after Goldman Sachs
analysts upgraded their rating for the engines maker to buy and put
the stock on their "conviction" list.
Steinhoff International Holdings N.V. climbed 5.5%, after the
Netherlands-listed furniture seller ended deal talks with South
African supermarket operator ShopRite Holdings Ltd. (SHP.JO).
Unilever PLC's U.K.-listed shares (ULVR.LN) (ULVR.LN) (UNA.AE)
closed down 6.6% 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: Greece's Athex Composite rose 1% to
645.95.
The U.K.'s FTSE 100 index was roughly unchanged finish at
7,299.86.
France's CAC 40 index inched down less than 0.1% to end at
4,864.99, while Germany's DAX 30 tacked on 0.6% to close at
11,827.62.
(END) Dow Jones Newswires
February 20, 2017 11:56 ET (16:56 GMT)
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