EUROPE MARKETS: European Stocks Nudge Higher On Barnier's Brexit Optimism

By Steve Goldstein, MarketWatch

European stocks on Tuesday advanced on optimism over the possibility of a deal for an agreed Brexit pact.

After losing 0.49% on Monday, the Stoxx Europe 600 rose 0.29% to 390.82.

The German DAX increased 0.26% to 12519.07, the French CAC 40 added 0.34% to 5662.47 while the U.K. FTSE 100 fell 0.32% to 7190.58.

U.K. banks switched directions for a third straight session, this time rising, as they trade on the relative prospects of an agreed deal for Britain to exit the European Union. Lloyds Banking Group (LLOY.LN) and the Royal Bank of Scotland (RBS.LN) rose as Michel Barnier, the top EU negotiator, said a deal was possible this week. The pound retook the $1.26 level.

Tuesday's session also will feature results from U.S. banks as well as the International Monetary Fund's latest economic forecast. St. Louis Fed President James Bullard, in a speech in London, made a case for more rate cuts, that act as insurance, as he said the U.S. central bank will make rate decisions on a meeting-by-meeting basis.

The ZEW Indicator of Economic Sentiment for Germany meanwhile fell 0.3 points in October to minus 22.8 points.

Wirecard (WDI.XE) shares lost a fifth of their value as the Financial Times reported that internal documents appeared to show the company was trying to inflate profit and revenue at an Irish and Dubai subsidiary. Wirecard didn't comment on the report.

(END) Dow Jones Newswires

October 15, 2019 05:53 ET (09:53 GMT)

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