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European shares open higher after US midterm elections

2018-11-07 10:25 am | Resource: News | No Views : 161

 European stock markets opened on Wednesday after the midterm elections in the United States, where the Democratic Party received the House of Representatives, while the Senate remained under the control of Republicans, in line with most expectations.

Later in the day, the Italian government will face a vote of confidence. Market watchers also followed German industrial production data, while a report on retail sales in the EU is due to be released during the session.

BMW posted revenue of € 24.7 billion in the third quarter, up 3% year-on-year

On the other hand, BMW Group said Wednesday its revenue for the third quarter of 2018 was 2.74 billion euros, an increase of 4.7 percent over the same period last year. At the same time, earnings per share were announced at 2.09 euros, down 24.3% yoy. The company also said its net profit for the quarter fell by nearly 24 percent year-on-year.

Germany's profit before tax was 1.85 billion euros for the period ended September 30, down 26.3 percent from the same period last year.

The company said it shipped 592,303 BMW, Mini and Rolls-Royce vehicles around the world. MINI sales fell 6% year-on-year, while sales of BMW units remained in line with delivery figures last year, rising 1.5% to 506,920 this quarter.

German industrial output rose 0.2% in September

German industrial output rose slightly more than expected in September, giving some reassurance about Europe's strongest economy in the third quarter, data showed on Wednesday.

Industry data showed industrial output rose 0.2 percent, slightly higher than Reuters's forecast of a 0.1 percent rise. The August reading was revised down to a 0.1 percent increase from a 0.3 percent drop in previous estimates.

European Stocks Open
  • The DAX rose 0.98% after the opening bell. Medical equipment manufacturer Fresnius Medical Care rose 7.04% at 9:22 am CET.
  • The FTSE 100 rose 1.06%. Chile's Antofagasta was the best performer, rising 2.02% at 9:12 am EDT.
  • France's CAC 40 added 1.11%, with Veolia leading the gains, rising 2.95% at 09:17 CET.

The euro jumped 0.45% against the US dollar, selling $ 1.14692 at 9:22 CET.

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