LONDON (APP): Europe’s major stock markets rose Thursday, with French carmakers racing ahead, as investors closed positions before the long Easter holiday weekend.
The mood has improved this week but worries remain over Wall Street’s recent tech-based selloff and trade war fears, dealers said.
“Uncertainty is permeating throughout financial markets today, as the volatile first half of the week appears to be giving way to a more stable and hesitant second half,” said IG analyst Joshua Mahony.
“In a week with few notable economic indicators, it comes as no surprise that affairs over the pond continue to take precedence, whether it be the threat of a US-led trade war or a wide-ranging tech sell-off spurred by Facebook’s loose data security.”
Sentiment was partly lifted after Chicago-based US exchange giant CME Group bought British operator NEX on Thursday for about £3.9 billion ($5.4 billion, 4.4 billion euros) in a deal aimed at cost-cutting and diversifying their businesses.
Paris stocks revved 0.4 percent higher on broad gains among automakers.
Renault shares accelerated sharply, reaching the highest level in a decade at one point after the Bloomberg news agency said that the French automaker was talking to its alliance partner Nissan about a merger that would create a new group that trades as a single stock.
Citing people with knowledge of the matter, Bloomberg said the new entity would be run by Renault CEO Carlos Ghosn, but the French government’s 15 percent holding in Renault could prove a stumbling block. No final decision has been made, it said.
At 0930 GMT, Renault stock was up 4.4 percent at 97.21 euros, topping the risers’ board on the CAC 40 benchmark index of leading French companies.
The London stock market meanwhile forged ahead as official data showed that the British economy grew by 1.8 percent last year. That was an upgrade from the prior estimate of 1.7 percent.
Frankfurt, Paris and London will shut up shop for a four-day Easter holiday weekend at the close of play on Thursday, and will reopen for business on Tuesday.
In Asia, stocks fluctuated Thursday as a volatile week drew to an early close in many markets, while bubbling trade tensions and another painful day for Wall Street technology shares continued to feed uncertainty.
While news of Kim Jong Un’s visit to China fuelled fresh hopes for stability on the Korean peninsula, investors have been more occupied with fears about a possible global trade war and a sell-off in the tech sector.
However, the South Korean won built on Wednesday’s gains.
Market titan Facebook has led a plunge in big-name stocks on worries about a regulatory clampdown following a massive data breach at the social media site.
Tesla, Amazon, Twitter and Google parent Alphabet have also come under the cosh, sending the tech-rich Nasdaq southwards, with the index losing 0.9 percent Wednesday. The Dow and S&P 500 also ended in the red.
In Asia, Hong Kong swung through the day and finished up 0.2 percent, following the previous day’s 2.5 percent dive, while Shanghai finished 1.2 percent higher.
Seoul added 0.7 percent following news that North Korean leader Kim and South Korea’s President Moon Jae-in will hold a summit on April 27. The announcement — just the third meeting between the heads of both countries — is the latest development in the saga that has fuelled optimism for the future.
Traders in Hong Kong, Sydney, Singapore and Wellington, among others, were also moving to close their positions before the end of the January-March quarter, with the Easter break beginning Friday.
