Bayer, earnings updates help European shares hit four-month high By Reuters

© Reuters. The German share price index, DAX board, is seen at the stock exchange in Frankfurt

MILAN (Reuters) – European shares rose to their highest level in nearly four months in early deals on Friday, helped by some well-received earnings updates and gains in Bayer (DE:) after a $7 billion acquisition.

The pan-European rose 0.2 percent by 0724 GMT and was set for its fifth straight week of gains as inflows into the region’s equities continued with confidence over its economic recovery offseting a fresh focus on political risk.

Germany’s was flat, just below the fresh all-time high hit in the previous session, while Britain’s eased back 0.4 percent after a record close on Thursday.

According to EPFR Global data European equity funds posted solid weekly inflows overall, but Spanish equity funds suffered their second largest outflow on record and redemptions from Italy climbed to levels last seen in the second quarter of 2015.

BASF was the biggest single stock boost to the STOXX, up 1.5 percent. The world’s third-largest maker of crop chemicals agreed to buy significant parts of Bayer’s seed and non-selective herbicide businesses for 5.9 billion euros in cash. Bayer was up 1.4 percent.

Among top gainers on the STOXX were Provident Financial, up 10 percent, after the British subprime lender put in place a recovery plan for its home credit business which it said was set to post a 2017 loss of up to 120 million pounds.

A well-received earnings update also boosted shares in Man Group, up 3.9 percent. The British hedge fund said assets rose 7.9 percent in the third quarter, boosted by market gains and net inflows to its funds.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Shares
|ShareTweet

Leave a Reply

Your email address will not be published. Required fields are marked *

*