European markets end modestly higher

Monday, 30. May 2016 17:39

Stock markets in Europe traded with modest gains on Monday, taking in the atmosphere from Asia, where shares were generally higher. The Spring Bank Holiday in the United Kingdom reduced the trading volumes, as the FTSE 100 remained closed. Trade in Frankfurt proceeded with confidence and the DAX rose to the highest level in a month. Automotive companies were driving higher. Oil prices were slightly lower as exports from Iraq reportedly increased.

The pan-European Stoxx 600 added 0.15%, while the Euronext 100 rose 0.29%.

The German DAX index climbed up 0.49% to 10,336 points, marking the highest level in May, but still below April highs. Car makers Daimler, Volkswagen and BMW were among the best performers, along with Bayer and Henkel. Siemens, ThyssenKrupp, Infineon and Deutsche Post declined.

In Paris, the CAC 40 climbed up 0.35% to 4,530 points. Renault, Nokia and BNP Paribas gained the most; Valeo, Veolia Environment and ArcelorMittal dropped.

The Italian FTSE MIB saw a rise of 0.53% to 18,281 points. Fiat Chrysler, A2A and Poste Italiane topped the gaining side, while Leonardo Finmeccanica, CNH Industrial and Ubibanca were on the losing side.

On the other hand, the Swiss Market Index finished 0.18% lower at 8,277 points. Credit Suisse, Roche, Givaudan and UBS were pulling the index down, while Swatch, Julius Baer, LafargeHolcim and Richemont gained.

The Spain's IBEX 35 index rose 0.17% to 9,122 points. Telefonica, Banco Sanander, Banco Popular and BBVA were the hottest stocks; Ercros rose 5.33% and Sniace fell 6.85%.

Oil prices partially recovered from day-long slide: Brent rose 0.22% to $50.19 a barrel, while West Texas Intermediate dropped 0.02% to $49.50 a barrel at ICE Europe by 5:34 p.m. CET.

Gold fell 0.42% to $1,207.46 per troy ounce by 5:36 pm. CET, holding above the $1,200 mark despite strength in the U.S. dollar as the Fed officials all but explicitly said a rate hike in June is about to happen. The euro rose 0.19% versus the dollar, and climbed as much as 0.86% against the Japanese yen.

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Breaking the News / ZR