European shares recover from 1-week low as trade talks resume
11/02/2019 at 08:32
MILAN, Feb 11 (Reuters) - Gain in heavyweight mining and banking
stocks helped European shares recover from one-week lows on Monday as
investors turned their focus to the start of a new round of trade
talks between Beijing and Washington.
The STOXX 600 index was up 0.7 percent by 0828 GMT, helped by a
broad-based bounce, while Germany's trade-sensitive DAX was up 0.6
percent and the UK's FTSE added 0.7 percent.
China struck an upbeat note as trade talks resumed with the United
States, but also expressed anger at a U.S. Navy mission through the
disputed South China Sea, casting a shadow over the prospect for
improved ties between them.
The basic resources index rose 0.8 percent, leading sectoral
gainers, as China iron ore prices hit a record on worries that supply
from Brazil may fall after a dam accident.
Shares in Glencore , Rio Tinto and BHP
were all up around 1 percent. Banks were also among the biggest
sectoral gainers with Banco BPM up 3.3 percent after the mid-sized
Italian lender disclosed capital requirements set by the European
Deutsche Post rose 2.6 percent on a report saying that Germany
is set to grant the postal services firm a higher-than-expected
increase in postage for letters from the summer to account for fewer
letters sent and for higher costs.
Just Eat rose 1.3 percent after its shareholder Cat Rock urged
the British takeaway ordering website to start merger discussions.
Shares in rivals Delivery Hero and Takeaway.com both rose nearly
Among the few fallers was Smith & Nephew , down 2.6 percent,
following a report it has held talks to buy U.S. medical equipment
maker NuVasive in a deal that would be worth more than $3 billion.
(Reporting by Danilo Masoni; editing by Josephine Mason)
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