Thursday, 16 July 2020
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European stocks close higher as trade hopes offset US political uncertainty
Friday, 27 September 2019 23:35 WIB | MARKET UPDATE |Stoxx 600Saham Eropa

European shares traded higher on Friday as cautious optimism returns to markets over the state of U.S.-China trade relations, though gains may remain capped by escalating political uncertainty in the United States.

The pan-European Stoxx 600 closed up 0.47% to 391.79 during trade, with basic resources adding 1.6% to lead gains as the majority of sectors traded in positive territory, while utilities slipped 0.4%.

Britain™s FTSE 100 led the upward momentum, hitting its highest since August 2 during the morning, as sterling fell after Bank of England Monetary Policy Committee (MPC) member Michael Saunders said it is œquite plausible that the central bank™s next move is a rate cut.

The index tends to move inversely to GBP on account of the proportion of FTSE 100 companies™ profits denominated in dollars. Sterling pared its initial losses by the afternoon session to trade flat around $1.2311 at the closing bell.

Investor focus is largely attuned to political developments in the U.S., following the release of a whistleblower complaint against President Donald Trump.

Source: CNBC

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