Asian markets retreat on Thursday    US Fed cuts interest rate to 3.5–3.75%    Oil prices steady on Thursday    Deli Group breaks ground on new factory in 10th of Ramadan City    UN rejects Israeli claim of 'new Gaza border' as humanitarian crisis worsens    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    Egypt reports sharp drop in waste burning incidents during autumn 2025    Servier Egypt launches Tibsovo as first targeted therapy for IDH1-mutated cancers    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt, EBRD discuss boosting finance in petroleum, mining sectors    Egyptian Cabinet prepares new data law and stricter fines to combat misinformation    Egypt's exports rise 28.2% in September 2025 as trade deficit narrows    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt's Abdelatty urges rapid formation of Gaza stability force in call with Rubio    Blair dropped from US Gaza governance plan after Arab objections    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt, China's CMEC sign MoU to study waste-to-energy project in Qalyubia    Egypt joins Japan-backed UHC Knowledge Hub to advance national health reforms    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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European markets close higher amid upbeat economic data; Altice soars over 10%
Amwal Al Ghad Published in Amwal Al Ghad on 10 - 01 - 2018

European markets closed higher Tuesday afternoon as investors reacted to better-than-expected economic data and shrugged off a tech wobble in Asia.
The pan-European Stoxx 600 closed 0.43 percent higher Tuesday, with major bourses and almost all sectors in positive territory.
The autos sector rallied in afternoon trade, closing 1.42 percent higher. German tyre specialist Continental led the gains, finishing up over 5 percent on reports that it could restructure itself.
Basic resources stocks also did well, closing up 1.21 percent. Mining giant Anglo American led the way.
Europe's telecoms sector ended the day's trading 0.58 percent to the upside, boosted by corporate restructuring news. Altice led the gains on the European benchmark after its board announced plans to spin-off the firm's U.S. unit from European operations. The telecoms and cable group topped the Stoxx 600, closing up nearly 11 percent.
Meanwhile, utilities closed nearly 1 percent lower.
Looking at individual stocks, WM Morrison was trading higher after the U.K. grocer said it was comfortable with analysts' full-year profit forecasts, Reuters reported. Shares of the firm moved higher throughout Tuesday's trade, up by over 2.38 percent by the market close.
Meanwhile, Steinhoff slipped to the bottom of the index after the European Central Bank (ECB) sold its entire holding of bonds from the scandal-hit South African retailer on Monday. Its shares tumbled 5.36 percent lower by Tuesday's close, though this showed a slight recovery from further losses earlier in the session.
In commodities, oil prices rose to their highest level since May 2015 on Tuesday amid ongoing OPEC-led production cuts and weaker-than-anticipated U.S. crude inventories. Brent crude touched above $68 per barrel.
On the data front, Germany's industrial production and exports were both stronger-than-anticipated in November, showing continued rising growth in Europe's largest economy.
Stateside, U.S. equities rose to record highs on positive investor sentiment ahead of earnings season. Financial giants BlackRock, J.P. Morgan Chase and Wells Fargo will report fourth quarter results later this week. Source: CNBC

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