European stocks open higher on automotive gains

2019-08-21 13:16:32 GMT (Economies.com)
European stocks open higher on automotive gains

European stocks opened higher today to resume gains which were temporarily halted yesterday amid a respite, to edge up again due to strong gains in the auto automotive, amid news about the merger talks between Fiat Chrysler and Renault, with market's focus on the political crisis in Italy and the release of the US Fed's meeting minutes.

 

As of 11:15 GMT, Stoxx Europe 600 rose by 1.1%, as it fell by 0.7% yesterday, its first loss in three sessions, on concerns about the political crisis in Italy.

 

The index opened higher, to resume its gains, with most of the European markets and sectors rising.

 

The automotive sector rose by more than 1.8%, on the Italian report confirming the merger talks between Fiat Chrysler and Renault.

 

Meanwhile, Investors are monitoring the developments in Italy's political crisis after the Prime Minister Giuseppe Conte resigned, and President Sergio Mattarella starting talks with party leaders to solve the crisis.

 

The future of the coalition government was at stake, after Deputy Prime Minister Matteo Salvini and the leader of the NLD party announced the end of cooperation and called for new elections.

 

S&P 500 futures rose by more than 0.9%, as it fell by 0.8% yesterday in Wall Street, its first loss in four sessions on profit taking.

 

Investors are anticipation today the release of the Fed meeting minutes later today, which is expected to include strong signes on the future of the US interest rate cuts.

 

Euro Stoxx 50 rose 1.2% with the french CAC 40 rising by 1.5%, while Germany's DAX rose by 1.1%, and in London, the FTSE 100 rose by 1.1%.

 
 
 
  Symbol Last Change Chg.%
1.1022
0.0002
0.0155%
1.2473
0.0004
0.0360%
17.964
0.513
2.940%
58.477
3.583
6.527%
64.28
-0.12
0.19%
1516.410
27.430
1.842%
 
 
US
 
Europe
 
Asia