Oct 6, 2020

European Markets Closing Report: European markets close slightly higher after Trump returns to the White House


Elliot Smith, Holly Ellyatt

European stocks closed marginally higher Tuesday, with global markets reacting to President Donald Trump’s return to the White House on Monday to continue his coronavirus treatment.

.FTSEFTSE 100FTSE5944.571.630.03615185350
.FCHICAC 40 IndexCAC4897.8926.020.5361585030

The pan-European Stoxx 600 provisionally ended up around 0.1%. Banks added more than 3.3% to lead gains while healthcare stocks slid nearly 1%.

Global markets had rallied on Monday as investors tracked reports of President Trump’s improving health, with the U.S. market seeing its strongest session in several weeks. 

Early on Tuesday, U.S. stock futures were mixed with futures tied to the Dow Jones Industrial Average gaining more than 70 points while those on the S&P 500 and Nasdaq retreated slightly.

President Trump left the hospital to return to the White House Monday, where he will continue being treated for the coronavirus following his positive diagnosis last week.

The U.S. president said prior to his departure that he planned to promptly be back on the campaign trail, with less than a month to the upcoming presidential election in November.

Trump’s doctors said Monday the president’s condition has “continued to improve” over the past 24 hours, though White House physician Dr. Sean Conley warned that “he may not be entirely out of the woods yet.”

Meanwhile, stocks in Asia-Pacific were higher in Tuesday trade as the Reserve Bank of Australia (RBA) kept its current policy settings on hold.

In a statement announcing the central bank’s monetary policy decision, RBA Governor Philip Lowe said: “The Board continues to consider how additional monetary easing could support jobs as the economy opens up further.”

In terms of individual share price moves, Rolls-Royce climbed 9.7% after signing a deal to build a gas plant for Dhamra LNG in India

At the bottom of the European blue-chip index, Logitech shares slid more than 5% after Bloomberg reported that Apple will stop selling earphones and speakers manufactured by rival companies ahead of its own launches.

- CNBC’s Jesse Pound and Eustance Huang contributed to this market report.

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