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European stocks rise after Chinese holiday ends

2019-02-11 10:01 am | Resource: NEWS | No Views : 203

All the major indexes on the European stock exchanges were held in the green zone in early trading as investors were optimistic after a jump in stocks in China. Trade resumed in the most populous countries after the week-long Lunar New Year holiday ahead of comprehensive trade talks with the administration in Washington.

US Treasury Secretary Stephen Menochin and Trade Representative Robert Laetzer will arrive in Beijing later in the week to meet with officials including Vice Premier Liu Hee. Sterling fell as markets prepared for statistical reports on UK economic growth in the fourth quarter as well as in foreign trade and manufacturing.

ECB Vice President: Monetary stimulus is still necessary

The conditions for financing, the labor market and energy prices are all supporting economic growth in the euro zone, with inflation returning to desirable levels, said Louis de Guindus, vice president of the European Central Bank. Regulators recognize that their stance on monetary policy should be "patient, persistent and wise," he said in comments delivered in Madrid and warned that "important monetary policy catalysts remain fundamental."

The ECB's top official warned of a decline in industrial production in the second half of last year along with a worsening trade balance. He pointed out that the quarterly growth fell to 0.2% and consumer price growth fell by 0.2 percentage points to 1.4% in January, and pointed to lower energy prices.

De Guindos said that headline inflation is likely to fall further, but he expected the core price to rise "in the medium term." He highlighted the global adverse winds such as protectionist measures and Britain's exit from the EU, while some of the registered weaknesses were confirmed as temporary.

European Stocks Open
  • The FTSE 100 rose 0.63% at 8:15 am CET. Tui was the best performer, rising 2.1%.
  • Germany's DAX rose 0.49%, led by the Deutsche Post rising 2.61%.
  • The CAC 40 index rose 0.54%. STMicroelectronics showed the largest rise among the components of the blue-chip index in Paris, up 1.81%.

Currencies and minerals
  • Gold fell 0.27% to $ 1.311.16.
  • The euro was down 0.06% at $ 1.1316 and rose 0.08% to 0.87596.
  • The British Pound was down 0.13% at $ 1.29183.

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