European Markets Recover Some Lost Ground Amid Cautious Trade

15th Mar 2018 17:01

BRUSSELS/FRANKFURT/PARIS (Alliance News) - The majority of European markets ended Thursday's session with modest gains, following two days of losses.

However, the recovery was a cautious one, as markets remained stuck in a sideways pattern throughout the day. Lingering concerns over a potential trade war continue to weigh on investor sentiment.

The pan-European Stoxx Europe 600 index advanced 0.54%. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.69%, while the Stoxx Europe 50 index, which includes some major UK companies, added 0.32%.

The DAX of Germany climbed 0.88% and the CAC 40 of France rose 0.65%. The FTSE 100 of the UK gained 0.10% and the SMI of Switzerland finished higher by 0.11%.

In Frankfurt, Lufthansa rose 2.60%, after having declined early on in the session. The company said that higher fuel prices may impact its earnings in 2018.

In Paris, Societe Generale dropped 0.67% after the bank announced the unexpected departure of deputy chief executive Didier Valet.

In London, supermarket giant Tesco climbed 1.90% following an upgrade by JPMorgan.

Unilever declined 1.61%. The consumer goods giant announced that it will be scrapping its London headquarters and will make Rotterdam, Netherlands its legal home.

Assicurazioni Generali climbed 2.91% in Milan after it posted full year results. The company also announced an increase to its 2017 dividend.

Europe's new car registrations grew at a slower pace in February, the European Automobile Manufacturers' Association reported Thursday.

Passenger car market grew 4.3% year-on-year in February, slower than the 7.1% increase registered in January.

France's consumer price inflation eased slightly as initially estimated in February, latest figures from the statistical office Insee showed Thursday. Consumer price inflation slowed to 1.2% in February from 1.3% in the previous month. The rate was forecast to rise to 1.4%.

First-time claims for unemployment benefits in the US edged lower in the week ended March 10th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 226,000, a decrease of 4,000 from the previous week's revised level of 230,000.

Economists had expected jobless claims to slip to 226,000 from the 231,000 originally reported for the previous week.

A report released by the Labor Department on Thursday showed import prices in the US increased by more than expected in the month of February.

The Labor Department said import prices rose by 0.4% in February after climbing by a revised 0.8% in January.

Economists had expected import prices to edge up by 0.2% compared to the 1.0% jump originally reported for the previous month.

The report also said export prices increased by 0.2% in February after rising by 0.8% in January. Export prices were expected to rise by 0.3%.

Business activity in the New York manufacturing sector grew robustly in the month of March, the Federal Reserve Bank of New York revealed in a report on Thursday.

The New York Fed said its general business conditions index climbed to 22.5 in March from 13.1 in February, with a positive reading indicating growth in the manufacturing sector. Economists had expected the index to edge up to 15.0.

Growth in the Philadelphia manufacturing sector slowed in the month of March, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current general activity fell to 22.3 in March from 25.8 in February, although a positive reading still indicates growth in the manufacturing sector.

Economists had expected the index to drop to 23.0.

Homebuilder confidence in the US saw a modest decrease in the month of March, according to a report released by the National Association of Home Builders on Thursday.

The report said the NAHB/Wells Fargo Housing Market Index edged down to 70 in March from a revised 71 in February. Economists had expected the index to dip to 71 from the 72 originally reported for the previous month.

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