The European stock markets showed substantial gains on Friday. Investors were relieved that British voters had given Prime Minister Boris Johnson a clear mandate to handle the Brexit.
(AFN) – Reports of a trade deal between the United States and China also led to optimism on the trading floors.
The AEX index on Beursplein 5 recorded 1.2 percent in the plus at 607.16 points around noon. The MidKap rose 1.3 percent to 905.27 points. Paris and Frankfurt gained up to 1.6 percent. The London stock exchange increased by 1.8 percent.
On the trade front, Washington and Beijing reportedly reached an agreement in principle on a provisional trade deal. That would mean that new US import duties that would take effect on Sunday were suspended. The Americans would also be willing to reduce existing taxes on $ 360 billion of Chinese products by half.
Insurers ASR and Aegon were the strongest risers in the AEX with profits of around 3 percent. Steel maker ArcelorMittal benefited from the positive trade news and climbed 2.4 percent. Takeaway meal ordering site closed the line with a min of 1.7 percent.
Altice Europe cable and telecoms group rose 6 percent at medium-sized companies.
The Portuguese subsidiary Meo sells a minority interest in Altice Portugal FTTH to Morgan Stanley Infrastructure Partners.
The British construction companies responded positively to the Conservative Party’s election profit. Taylor Wimpey adds nearly 15 percent. Telecom company BT and mail deliverer Royal Mail, which could possibly be nationalized under Labor, were also set higher and won around 7 percent. The British banks Royal Bank of Scotland, Barclays and Lloyds rose to 10 percent.
The euro was worth $ 1,1177 against $ 1,1115 a day earlier. The British pound was on the rise due to the decreasing uncertainty surrounding the brexit. A barrel of American oil became 1.3 percent more expensive at $ 59.92. Brent oil cost 1.5 percent more at $ 65.18 a barrel.