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European stocks rise ahead of new British PM announcement

2019-07-23 07:51 am | Resource: News | No Views : 44

European stocks rise ahead of new British PM announcement

European markets rose in early trade on Tuesday, awaiting the election results of the UK Conservative leader and the next prime minister, expected at around 11:45 am local time. Boris Johnson, the former secretary of state, is widely expected to win over Jeremy Hunt, a senior diplomat. In the last round, Johnson won 162 votes, more than double the number of Conservative deputies who supported Hunt. Opinion polls also show that more than two-thirds of conservatives support the former London mayor and pro-exit.

Investors also expected to update the monetary policy of the European Central Bank, which is due to be issued later in the session.

Daimler has announced a 5% stake in Beijing Automotive Industries

Daimler jumped on Tuesday after announcing that Investment Global Co. Ltd. Has bought its shares and options to give owner Beijing Automotive Industries or BAIC, controlling a 5% stake. Mercedes owns 9.55% of Beijing Automotive Industries. And 3.01% of BAIC BluePark New Energy Technology Co. , The manufacturer of electric vehicles and the new investment represents 2.48% of the direct ownership of Beijing Automotive Group. Ltd. and the right to receive additional voting rights equal to 2.52% of the capital.

Ola Kalenius, CEO of Ola Kalenios, confirmed that the old partner has become a long-term investor and stressed the importance of the Chinese market. Strategic cooperation began in 2003.

Germany's German automaker rose 1.95% at 9:09 am to € 46.94 a share for the first time in a week. The company has grown 2.08% so far this year, compared to a 17.32% rise in the benchmark DAX.

European Stocks Open
  • DAX jumped 0.79% at 9:16 CET.
  • With the FTSE 100 gaining 0.54%. Continental and BMW outperformed others, jumping 4.03% and 3.58%, respectively.
  • The CAC 40 index in Paris opened 0.58% in the Green Zone, with ArcelorMittal advancing gains, up 2.87%.

The euro fell 0.20% against the US dollar, buying $ 1.11871 at 9:18 CET. Meanwhile, the pound was down 0.31% against the US currency, trading at $ 1.24377 at 9:19 CET.

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