Both the STOXX 50 and STOXX 600 opened flat but quickly turned positive on Thursday (5/12), with the former up 0.5% and the latter up 0.3%, as traders appeared to shrug off concerns over the political situation in France. The government collapsed as anticipated after right-wing and left-wing lawmakers united to pass a no-confidence motion and President Macron now needs to find a new Prime Minister, although the task is expected to be very challenging.
French stocks were actually among the best performers, with Societe Generale (2.5%), BNP Paribas (1.9%), Engie (1.2%). Meanwhile, traders also digested corporate news. Vodafone shares rose 0.7% after the UK Competition and Markets Authority approved a merger between telecoms companies Vodafone and Three. On the other hand, Shell (-0.9%) and Equinor (0.3%) announced plans to create the largest independent oil and gas company.
Source: Trading Economics
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