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Jul 12, 2018

European markets at Close Report I CNBC

European markets higher on trade war jolt; Gerresheimer surges 9.5%

Justina Crabtree, Sam Meredith, Silvia Amaro

European stocks closed higher Thursday as investors consolidated steep losses from the previous session when heightened fears of an escalation to the U.S.-China trade war soured sentiment.
FTSE FTSE 7652.14 60.18 0.79% 554786203
DAX DAX 12493.76 76.63 0.62% 53618839
CAC CAC 5400.25 46.32 0.87% 52611908
IBEX 35 --- --- --- --- --- ---
The pan-European Stoxx 600 was up nearly half a percent during afternoon deals, with all major bourses and most sectors in positive territory.
Media was the best performing sector on Thursday afternoon, rallying over 2 percent. Earlier in the day, the U.K. government cleared the way for Twenty-First Century Fox's bid to buy European pay-TV platform Sky, for which it is competing against U.S. rival Comcast. Sky was trading 2.7 percent higher.
Health care was also trading significantly higher, up 1.7 percent thanks to a boost from German pharmaceuticals packaging maker Gerresheimer, which led the gains across Europe. The firm was trading 9.5 percent higher after it announced an extension of its business model and upgraded growth forecasts.
Europe's travel and leisure stocks were 1.4 percent to the upside after after England's soccer team were knocked out of the World Cup semi-final late Wednesday. Shares of Paddy Power Betfair rose more than 2.4 percent as traders cited relief at Croatia's victory over England.
Looking at individual stocks, Moller-Maersk rose throughout the day to trade 2.9 percent higher by Thursday afternoon, following a ratings upgrade from Goldman Sachs.
At the other end of the spectrum, Norway's biggest lender DNB ASA foundered near the bottom of the index, off 4.5 percent after posting its second-quarter earnings.

Dow rises as trade war fears ease

Stateside, stocks traded higher on Thursday as trade fears declined amid a lack of retaliatory tariffs from China in response to the latest round of charges by the U.S.
The Dow Jones Industrial Average rose 140 points with Walgreens Boots Alliance and Intel as the best-performing stocks in the index. The S&P 500 gained 0.4 percent with tech and health care outperforming. The Nasdaq Composite advanced 0.5 percent.

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