EUROPE MARKETS: European Stocks Close Higher As U.K. Triggers Brexit Process

By Sara Sjolin, MarketWatch

There's no turning back for the U.K. after Article 50 triggered

European stocks rose for a second straight day Wednesday, as investors largely ignored the official commencement of the U.K.'s negotiations to break from the European Union, dubbed Brexit.

After swinging in and out of positive territory through the day, the Stoxx Europe 600 index closed 0.3% higher at 378.53, building on a 0.6% rally from Tuesday (http://www.marketwatch.com/story/european-stocks-bounce-back-as-worries-over-trump-rally-recede-2017-03-28).

The U.K.'s FTSE 100 index ended 0.4% higher at 7,373.72 (http://www.marketwatch.com/story/uk-stocks-rise-as-brexit-talks-set-to-kick-off-2017-03-29), also after a volatile trading day. The pound traded at $1.2405 at the time of the European market close, down from $1.2450 late Tuesday in New York.

"As a piece of symbolism the picture of the U.K.'s EU Ambassador Tim Barrow handing over the official notification of the U.K.'s intention to leave the EU over to EU Council President Donald Tusk is a powerful one, but in terms of the effects on financial markets today its impact has been minimal, with the pound coming under some selling pressure, but no more or less than in previous sessions," said Michael Hewson, chief market analyst at CMC Markets, in a note.

U.K. Prime Minister Theresa May struck an upbeat tone when she addressed parliament (https://www.gov.uk/government/speeches/prime-ministers-commons-statement-on-triggering-article-50) after the letter was delivered, saying Brexit presents a "unique opportunity" to "build a stronger, fairer, better Britain--a Britain our children and grandchildren are proud to call home."

However, the mood was different in Brussels.

"There is no reason to pretend that this is a happy day, neither in Brussels, nor in London. After all, most Europeans, including almost half the British voters wish that we would stay together, not drift apart. As for me I will not pretend that I am happy today," said Donald Tusk, president of the European Council (http://www.marketwatch.com/story/we-already-miss-you-eu-president-tusk-tells-uk-after-brexit-letter-2017-03-29).

"We already miss you."

Individual indexes: Germany's DAX 30 index gained 0.4% to 12,203, while France's CAC 40 index rose 0.5% to 5,069.04.

Stock movers: Posting the biggest loss in the Stoxx 600, shares of Scout24 AG (G24.XE) slid 8.9% after a disappointing guidance from the online marketplace.

Shares of BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) climbed 2.7% after the mining giant said it's considering a new iron-ore investment (http://www.marketwatch.com/story/bhp-billiton-looks-at-aussie-iron-ore-investment-2017-03-29) in Australia.

London Stock Exchange Group PLC (LSE.LN) rose 2.7% and Deutsche Börse AG climbed 1.7% after European Union's antitrust watchdog blocked the planned $28 billion merger between the two (http://www.marketwatch.com/story/eu-blocks-lse-deutsche-borse-merger-2017-03-29-54851952).

Shares of 3i Group PLC (III.LN) jumped 5.7% after Morgan Stanley lifted the venture capital company to overweight from equal weight.

Economic data:French consumer confidence (http://www.marketwatch.com/story/french-consumer-confidence-unchanged-in-march-2017-03-29) stood at 100 in March, Insee reported. That was the same reading as in February, undershooting analysts' expectations.

(END) Dow Jones Newswires

March 29, 2017 12:07 ET (16:07 GMT)

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