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UPDATE 2-European shares clock sixth weekly gain on trade cheer

Published 15/11/2019, 18:24
© Reuters.  UPDATE 2-European shares clock sixth weekly gain on trade cheer

* Trade-sensitive miners, tech stocks lead gains
* White House comments spur small weekly gain for STOXX 600
* Sweden's SEB sinks to bottom of STOXX 600
* Salmon producers Mowi and Salmar slide on DoJ subpoenas

(Updates to close, changes quote, adds news items)
By Agamoni Ghosh and Susan Mathew
Nov 15 (Reuters) - European shares clocked a sixth-straight
week of gains on Friday following record highs on Wall Street
after bullish comments from a White House official on U.S.-China
trade talks.
The pan-European STOXX 600 index .STOXX rose 0.4%, close
to four-year highs it hit last week, with most sectors ending in
the black.
White House economic adviser Larry Kudlow said late on
Thursday Washington and Beijing were getting close to a trade
agreement, citing what he called very constructive talks with
Beijing about ending a 16-month trade war. "Europe as a whole is a story of more optimism about a trade
deal and the fact that Italy and Spain, which in the last couple
of days had underperformed, are doing better," said Andrea
Cicione, head of strategy at TS Lombard.
European indices that see-sawed through the week on
conflicting trade headlines, glum economic indicators, mixed
corporate outlook and some rocky Spanish politics, managed to
end the week marginally higher.
Trade-sensitive commodity-linked .SXPP and technology
stocks .SX8P led gains on the day, while defensive plays like
utilities .SX6P and telecom .SXKP lagged.
Chipmakers Infineon IFXGn.DE , STMicroelectronics STM.MI
and ASML Holding ASML.AS were all up on industry bellwether
Applied Materials' AMAT.O upbeat forecast for the first
quarter in 2020. A.P. Moller-Maersk MAERSKb.CO was the biggest climber in
the STOXX 600 index after the world's biggest container shipping
firm said that despite an uncertain economic outlook, a focus on
driving down costs put it on track to improve its profit margin.
A handful of disappointments among stocks listed in the
Nordic region kept overall gains in check.
Swedish human care equipment maker Elekta EKTAb.ST dropped
11% after slashing its full-year outlook, while SEB SEBa.ST
sank 12% after the lender said it had been informed a
broadcaster would air a programme on suspected money laundering
that would include information concerning the bank. Those falls flattened the Stockholm index .OMXSPI , while
Norwegian shares .OSEAX fell 0.4%, hit by salmon producers
Mowi MOWI.OL and SalMar SALM.OL after the companies said the
U.S. Department of Justice had issued subpoenas. News that Britain's opposition Labour Party would
nationalise parts of the telecoms provider BT's BT.L network
if it won power in the Dec. 12 election, hit other telecom peers
and capped gains for the FTSE 100 .FTSE . BT shares slid 1%, while Vodafone VOD.L dropped and
TalkTalk TALK.L fell 3% each.
"We've been pointing out over the last few months that in UK
equities there is a Brexit and a Corbyn discount because of the
threat of nationalisation, and they've become all too real with
this becoming a part of the Labour manifesto," said Andrea
Cicione.

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