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European stocks open higher amid upbeat European data

2019-09-09 07:33 am | Resource: News | No Views : 28

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European stock markets opened in the first trading session of the week in green on Monday as investors focused on the economic data to be released today.

Germany's trade surplus for the month of July rose to 21.4 euros. Reports on UK GDP, Trade Balance and Industrial Production, as well as Sentix on EU investor confidence, were released later today.

In politics, the British Parliament is scheduled to vote for the second time on a proposal for early general elections.

Germany's trade surplus rose to 21.4 billion euros in July

German exports jumped 3.8% in July to 115.2 billion euros year on year, while imports fell 0.9% to 93.7 billion in July, the German Statistics Office Destatis said in a report released on Monday. The trade surplus rose from 18.1 billion euros in June to 21.4 billion euros last month. A year ago, the surplus was 16.4 billion euros.

On a seasonally adjusted basis, exports rose 0.7% while imports fell 1.5% compared to June. The surplus was € 20.2 billion, taking into account seasonal effects. Europe's largest economy is mostly traded with EU member states, with a surplus of 11.4 billion euros. The data showed that exports to third countries increased by 9.8% as imports from the same group fell 0.1%.

British Airways cancels almost all flights due to strike

British Airways (BA) pilots began a two-day strike in an ongoing dispute over wages and conditions, causing the airline to cancel most flights on Monday and Tuesday. The British Pilots Association (BALPA) has asked BA to share more of its profits with the pilots, but the UK airline refused, saying its payment offer was fair. Another strike is scheduled for September 27 if the case remains unresolved.

 European shares trading
  • The FTSE 100 rose 0.51% at the opening bell, with the Berkeley Group holding up 1.89%.
  • The DAX was up 0.17% with Deutsche Bank rising 1.83%.
  • The CAC 40 was unchanged at the same time as Total SA gained 0.91%.

The euro was steady against the US dollar, trading at 1.10285 at 8:59 CET, while the pound was down 0.24% at $ 1.22613 simultaneously.

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