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European stocks mostly rose on Thursday, with the exception of U.K. equities as multinationals suffered from the continued run-up in the British pound.
The Stoxx Europe 600
SXXP, +0.31%
increased 0.29% to 404.37.
The German DAX
DAX, +0.03%
and French CAC 40
PX1, +0.49%
also rose. U.S. stock futures
ES00, +0.22%
also gained ground.
However, the U.K. FTSE 100
UKX, -0.08%
declined 0.09% to 7182.28. The rise in the British pound
GBPUSD, +0.1755%,
on the expectation that the Conservatives will secure a majority in Parliament after the December 12 general election, is weighing on U.K.-based multinationals such as AstraZeneca
AZN, -0.21%
that earn most of their revenue outside the country. AstraZeneca’s U.K.-listed shares fell 0.5%.
Of stocks in the spotlight, shares in Italian jacket maker Moncler
MONC, +9.63%
surged after Bloomberg reported Kering, the French luxury brands owner, has held exploratory talks on buying it. Kering
KER, +1.26%
shares rose 1.7%. Neither company commented.
An analyst at ING said a buyout price could be 13 billion euros ($14.4 billion). Analysts at Morgan Stanley, who say Moncler could fetch 12.25 billion euros, said the Italian group would be a “plug-and-play” acquisition for Kering and a way for the French company to reduce its dependence on the Gucci brand.
M&G shares
MNG, -3.74%
dropped for a second day, losing 3%, after the fund manager on Wednesday suspended redemptions from its flagship property fund.
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