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Post-holiday catchup for Germany drives European stock gains

Published 11/06/2019, 08:30
Updated 11/06/2019, 08:40
Post-holiday catchup for Germany drives European stock gains
DE40
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ES35
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VOWG
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MBGn
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BMWG
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BOSSn
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TED
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STOXX
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SXAP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 11 (Reuters) - A surge in the Frankfurt stock market as
German and Swiss investors returned from a one-day holiday drove
European shares higher on Tuesday as investors eyed Washington
closely for further bursts of protectionist rhetoric.
Optimism over President Donald Trump's decision late on
Friday to hold off on imposing import tariffs on Mexico has
lifted sentiment this week, but there were new signs that the
administration will make more threats to further its agenda in
talks with major trading partners.
Secretary of State Mike Pompeo warned on Monday that the
United States could still slap tariffs on Mexico if not enough
progress was made on its commitment to stem illegal immigration.

Europe's pan-regional STOXX 600 index .STOXX rose 0.43% by
0714 GMT, with Frankfurt's DAX .GDAXI outperforming.
Car industry shares .SXAP rose 1.6% with German auto
stocks BMW BMWG.DE , Daimler DAIGn.DE and Volkswagen AS
VOWG.DE , lifting the tariff sensitive sector.
Madrid's bank-heavy IBEX .IBEX was the only laggard, after
Morgan Stanley lowered its estimates for bank earnings in Spain
to an average 4% in 2020 and 6.5% in 2021, factoring in a
flatter yield curve as a result of the European Central Bank's
swing towards taking new steps to reduce market interest rates.
Among stocks, Hugo Boss BOSSn.DE rose 3.7% after shares of
the German fashion house were upgraded to "equal-weight" from
"underweight" by Morgan Stanley for the luxury retailer's
strategic plan to reposition the brand under two labels.

Ted Baker TED.L tumbled 26% after the fashion retailer
warned on annual profit after an "extremely difficult" start to
2019.

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