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European shares markets rise as US and China agree on tariffs

2019-11-07 08:36 am | Resource: News | No Views : 25

 European  shares  markets rise as US and China agree on tariffs

European shares opened the session in the Green Zone on Thursday as trade talks between the United States and China are advancing. Despite the announced delay in signing the first phase agreement, the Chinese Ministry of Commerce claimed that Washington and Beijing agreed to abolish tariffs by both sides.

Meanwhile, German industrial production weakened in September,. Later Thursday, the Bank of England was set to unveil its interest rate decision, which is expected to leave monetary policy unchanged. With the earnings season rising, European companies announced such UniCredit, Lufthansa AG, Commerzbank, Siemens and ArcelorMittal For its quarterly results.

German industrial output fell more-than-expected

German industrial production fell more-than-expected in September, data from the German Statistics Office showed on Thursday.
  • Industrial production fell 0.6 percent month-on-month in September, reversing a 0.4 percent rise in August.
  • On an annual basis, industrial production fell 4.3 percent, faster than the 3.9 percent decline recorded in August.
  • Excluding energy and construction, industrial production fell 1.3 percent from the previous month. Energy output rose 2 percent and construction expanded 1.8 percent in September

Lufthansa Announces Second Quarter Earnings

On the data front, Lufthansa announced on Thursday that its second-quarter revenue was 10.18 billion euros, up 2% year-on-year. EBITDA fell 8% to EUR 1.30 billion, while net profit rose 4% year-on-year to EUR 1.15 billion. Meanwhile, the company said earnings per share jumped 4% in the three months to September to 2.43 euros.

Germany's largest airline increased the number of flights by 2% year-on-year, with 323,957 flights operated during the third quarter of fiscal year 2019. During the same period, Flag Air flew to Germany 42.69 million passengers, up 3% from the same period From last year. The company said it expected revenue to grow at a low one-digit rate in fiscal 2019 while EBITDA margin was expected to be 5.5% and 6.5%.

European shares open
  • The DAX jumped 0.60% at the opening bell
  • FTSE 100 rose 0.35%
  • The CAC 40 rose 0.38% at the same time.

The EUR was steady against the USD to go at 1.10744 at 9:03 CET.

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