European stocks rise near 3-week high led by telecoms

2020-08-12 12:30:08 GMT (Economies.com)
European stocks rise near 3-week high led by telecoms

European stocks rose in morning trading on Wednesday, to extend gains for the fourth straight session, near the 3-week high that was hit yesterday, led by the telecom sector after Liberty Global's huge offer to acquire Sunrise, in addition to UK's stimulus expectations after the British economy suffered its worst rescission.

 

The Stoxx Europe 600 index rose more than 0.2% as of 11:10 GMT, after it closed higher by 1.7% yesterday and hit the highest since July 23 at 372.54 points, led by the automotive sector.

 

The pan European index opened higher today, to extend its gains for fourth straight session, with most of the major European markets and sectors seeing green today.

 

The telecom sector saw the largest gains in Europe today, rising over 2.2%, after the announcement of the huge acquisition deal. 

 

Sunrise Communications AG stock jumped more than 26% after the Liberty Global offered about $7.4 billion to acquire the Swiss telecom operator Sunrise.

 

S&P 500 futures rose 0.5%, after the index closed lower by 0.8% yesterday, and posted its first daily loss in 5 days on profit-taking.

 

Back to Europe, the Euro Stoxx 50 index added 0.3%, France's CAC 40 rose 0.1%, and Germany's DAX added 0.1%.

 

While the UK's FTSE 100 rose 1.1%, thanks to stimulus expectations in London, after the British economy shrunk 20.4% during the second quarter, in the worst pace ever, due to the COVID-19 pandemic. 

 
 
 
  Symbol Last Change Chg.%
1.1722
0.0051
0.4408%
1.2920
0.0052
0.4025%
Tadawul
8299.08
16.57
0.20%
23.239
-0.117
0.499%
39.853
-0.437
1.085%
40.95
-0.08
0.19%
1885.800
13.105
0.700%
 
 
US
 
Europe
 
Asia