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European shares rise as retailers, defensive stocks gain

Published 09/20/2019, 03:37 PM
Updated 09/20/2019, 03:40 PM
European shares rise as retailers, defensive stocks gain
GBP/USD
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UK100
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CASP
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SXRP
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STOXX
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SX6P
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SX3P
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SXDP
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SX86P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
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 .SXRP jumped 0.8%, the most
among the main sub-sectors, powered by a 2.7% gain in Casino
CASP.PA 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 .SXDP , utilities .SX6P , real-estate
.SX86P and food and beverage .SX3P sectors - commonly
considered defensive - posted some of the biggest gains.
The pan-European STOXX 600 index .STOXX rose 0.1%, with
London's FTSE 100 .FTSE underperforming.
The FTSE lagged its regional peers as British exporters were
hurt by a rally in the pound GBP= after European Commission
President Jean-Claude Juncker raised hopes of Britain exiting
the European Union with a deal. GBP/
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 war.

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