European shares rise as retailers, defensive stocks gain
20/09/2019 at 08:37
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Sept 20 (Reuters) - European shares opened higher on Friday, set
for their fifth straight week of gains, with the retail sector
outperforming and investors rotating into defensive stocks.
The European retail sector jumped 0.8%, the most among the main
sub-sectors, powered by a 2.7% gain in Casino
after the debt-laden French retailer said it was in talks to sell
its discount store chain Leader Price to German rival Aldi.
The healthcare , utilities , real-estate
and food and beverage sectors - commonly considered defensive -
posted some of the biggest gains.
The pan-European STOXX 600 index rose 0.1%, with London's FTSE
The FTSE lagged its regional peers as British exporters were hurt
by a rally in the pound after European Commission President
Jean-Claude Juncker raised hopes of Britain exiting the European Union
with a deal.
Also helping sentiment was China's move to cut its new one-year
benchmark lending rate for the second straight month, as it sought to
guide interest rates lower for an economy hit by the U.S.-China trade
(Reporting by Shreyashi Sanyal in Bengaluru Editing by Saumyadeb Chakrabarty)
((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780))