EUROPE MARKETS: European Stocks Close At 3-month Highs
26 November 2015 - 5:17PM
Dow Jones News
By Carla Mozee, MarketWatch
Infineon marks best session in six years
European stocks ended at a three-month high Thursday, with a
rally in Infineon Technologies AG helping to push the region's
benchmark to a second straight session of gains.
The Stoxx Europe 600 rose 0.9% to 384.37, its best finish since
Aug. 18, according to FactSet data. Thursday's win builds on
Wednesday's 1.4% rally
(http://www.marketwatch.com/story/european-stocks-gain-with-travel-shares-finding-relief-2015-11-25),
which came after a report that the European Central Bank is looking
at expanding stimulus measures for the eurozone.
The euro was stuck at around seven-month lows on Thursday,
buying $1.0609 compared with $1.0619 late Wednesday. The shared
currency dipped below $1.06 on Wednesday after Reuters reported
(http://www.marketwatch.com/story/euro-falls-on-report-ecb-considers-broadening-out-qe-bond-buys-2015-11-25)
that ECB policy makers were thinking about widening the scope of
their bond buying program or implementing a two-tier penalty charge
on banks that leave cash with the central bank.
"The escalating expectations that the ECB might ease monetary
policy further in December, complemented with the increasing
likelihood around the Fed raising U.S. interest rates, has
prevented any possibility of a recovery in the [euro] after a month
of heavy selling," Lukman Otunuga, research analyst at FXTM, wrote
in a Thursday note. "This has left the EURUSD heavily depressed
with little signs shown of a bounce-back."
ECB policy makers will meet next Thursday.
Aided by losses of the euro, German stocks climbed for a second
consecutive session. The DAX 30 jumped 1.4% to 11,320.77, hitting
its strongest level since mid-August. The index on Wednesday
rallied 2.2%.
In Frankfurt Thursday, shares of Infineon Technologies AG
(IFX.XE) charged up 12.9%, topping both the DAX and the Stoxx 600.
The best session since May 2009 came after the German chip maker
said quarterly profit almost doubled
(http://www.marketwatch.com/story/infineon-profit-up-80-on-tax-boost-earnings-gain-2015-11-26),
helped by earnings at its recent acquisition, International
Rectifier.
France's CAC 40 rose 1.1% to 4,946.02, and the U.K.'s FTSE 100
closed up 0.9% at 6,393.13
(http://www.marketwatch.com/story/ftse-100-gaining-ground-led-by-miners-2015-11-26),
led by gains for miners.
Equity trading in the U.S. is closed Thursday for Thanksgiving
Day. Read: When do U.S. markets close during Thanksgiving week?
(http://www.marketwatch.com/story/when-do-markets-close-around-thanksgiving-2015-11-23)
(http://www.marketwatch.com/story/when-do-markets-close-around-thanksgiving-2015-11-23)Movers:
Shares of Rémy Cointreau SA (RCO.FR) fell 3%
(http://www.marketwatch.com/story/remy-cointreau-profit-lifted-by-weaker-euro-2015-11-26-2485148).
The French liquor maker said first-half profit rose, helped by
weakness in the euro. Stripping out the effects of exchange rates,
profit declined by 8%, while sales fell 5.9%.
Volkswagen AG (VOW.XE) shares rose 3.1%, pushing past news that
South Korea has ordered the auto maker to recall more than 125,000
diesel-powered cars
(http://www.marketwatch.com/story/south-korea-volkswagen-must-recall-125000-cars-2015-11-26)
after it found the company installed emissions-cheating software in
the vehicles. California has stepped up its probe
(http://www.marketwatch.com/story/california-widens-volkswagen-probe-seeks-recall-of-audi-models-2015-11-25)into
the software and is looking at a recall of some Audi models.
BHP Billiton Ltd. (BLT.LN) (BHP.AU) (BHP.AU) moved down 2.4% as
the iron-ore heavyweight refuted claims
(http://www.marketwatch.com/story/bhp-billiton-refutes-un-toxic-dam-spill-findings-2015-11-26)
about the presence of toxic chemicals
(http://www.marketwatch.com/story/bhp-vale-jv-dam-break-unleashed-toxic-waste-un-2015-11-26)
in mud from a dam burst at a mining operation jointly owned by
BHP.
NCC AB (NCC-A.SK) lost 4.5% after the Swedish construction
company outlined a new strategy aimed at increasing profitability
(http://www.marketwatch.com/story/ncc-outlines-plans-for-housing-unit-spin-off-2015-11-26),
and addressed previously announced plans to spin-off its housing
unit.
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(END) Dow Jones Newswires
November 26, 2015 12:02 ET (17:02 GMT)
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