EUROPE MARKETS: Banks Drive European Markets Higher As Investors Monitor Brexit Developments
By Barbara Kollmeyer, MarketWatch
SAP and Wirecard also climbing
European stocks traded modestly higher on Monday, with banks in
the lead as investors braced for another week of Brexit headlines,
while software company SAP AG gained after reporting its
The Stoxx Europe 600 rose 0.5% to 393.76, despite sharp losses
for Wall Street on Friday.
The German DAX rose 0.7% to 12,727.90, the French CAC 40 was up
0.2% to 5,647.43 and the U.K. FTSE 100 was up 0.2% at 7,163.03.
The pound shook off earlier losses and last traded flat at
$1.2982, amid optimism that U.K. Prime Minister Boris Johnson may
have enough votes to push his Brexit deal through. Dow Jones
Industrial Average futures rose 0.2% to 7,904.75.
Read:Goldman Sachs sees pound climbing to $1.35 as risk of
no-deal Brexit fades
After a crucial parliamentary vote failed to get off the ground
on Saturday, Johnson was forced to send a letter to the EU asking
for a three-month Brexit delay. Johnson, who is opposed to any
delay, wanted to to win parliamentary approval for his plan on
Monday as the Oct. 31 Brexit deadline draws nearer. However, that
bid was rejected when the Speaker of the House John Bercow refused
to allow it.
Read: So what's next after the U.K. parliament's non-vote on
Opinion:Johnson lost again. But his Brexit deal is likely to
Stocks on the move included SAP AG shares (SAP.XE) (SAP.XE),
which rose 1.3% after the German business software maker reported a
28% rise in third-quarter net profit
and reiterated its guidance for 2019.
Also in Germany, Wirecard AG (WDI.XE) rallied 6% after the
payment company said it had commissioned an independent audit
following an Financial Times article that questioned its accounting
At the bottom, shares of Smith & Nephew (SN.LN) fell 8%
after the medical device maker said chief executive Namal Nawana
will step down at the end of the month.
And shares of U.K. insurer Prudential (PRU.LN) slid 9% as it
completes its demerger from M&G, which will mean two separate
(END) Dow Jones Newswires
October 21, 2019 11:28 ET (15:28 GMT)
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