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European equities diverge as trade worries ease and Brexit

2019-05-15 07:53 am | Resource: News | No Views : 71

 European equities diverge as trade worries ease and Brexit

Most European equity markets rose shortly after the start of trading on Wednesday with a focus on trade negotiations and the UK's exit from the European Union.

Trade tensions

 US President Donald Trump confirmed on Tuesday that the escalating trade war between his country and China was only a "small fight," adding that the two countries could still reach an agreement that would put an end to it. "The Chinese want an agreement, this can be done," Trump said before leaving Washington for Louisiana. Stressing the robustness of the US economy, Trump reiterated that he would only accept a "good deal" or nothing at all.

Brexit developments

The country will either leave without a deal or remain in the European Union if the government's pullout does not agree to a fourth-term parliament vote, local media reported. Chuck Grassley, the leading Republican senator, warned that the Washington-Brussels trade deal should contain agriculture if Congress would ratify it.

On the data front, the Federal Bureau of Statistics reported that Germany's GDP grew by 0.4% in the first quarter of 2019, with EU GDP figures to be released later in the morning.

German GDP rises 0.4% in first quarter

Germany's gross domestic product (GDP) adjusted for price, season and calendar grew by 0.4% in the first quarter of 2019. According to preliminary calculations, increases in construction and private consumption led to GDP growth and also helped to lower State consumption expenditure.

At the same time, the revised GDP increased in the first quarter of 2019 by 0.6% over the same period last year. The report added that there were 44.9 million people in the first quarter of 2019, or 481000 people, or 1.1 percent from last year.

Indicators Opening in Europe
  • London's FTSE 100 rose 0.28% as Gvc Holdings rose 1.74% at 9:15 CET.
  • Meanwhile, the German DAX rose 0.13%, at 9:18 CET.
  • The CAC 40 index was down 0.26% as Credit Agricole fell 2.33% after the profit.

The Euro and the Pound settled against the Dollar to trade against $ 1.12032 and $ 1.29058 respectively at 9:14 am.

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