Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UPDATE 2-European shares end flat, Irish stocks battered after election

Stock MarketsFeb 11, 2020 01:51
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
UPDATE 2-European shares end flat, Irish stocks battered after election

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Banks lead Irish shares lower after election results
* NMC Health surges on buyout approach
* Italy's Exor hits record high on plan to sell PartnerRe
* Defensive sectors - healthcare, utility - rise
* Oil, commodity, auto stocks drives losses in Europe

(Updates to close)
By Susan Mathew
Feb 10 (Reuters) - Deal talks and a rally in defensive
sectors supported European shares on Monday as investors
grappled with the potential impact of the coronavirus, while
Irish stocks were hit by a strong showing for the left-wing Sinn
Fein in a national election.
The pan-European STOXX 600 index .STOXX ended 0.07%
higher, having marked its best week in three months as part of a
broader rebound from an earlier virus-driven sell-off.
NMC Health NMC.L shot up 24% after revealing preliminary
buyout approaches from private equity firms KKR KKR.N and GK
Investment, while Italy's Exor EXOR.MI hit an all-time high
after saying it is in talks to sell reinsurer PartnerRe in a
deal that could be worth about $9 billion. At the other end of STOXX 600 were Irish lenders Bank of
Ireland BIRG.I and AIB Group AIBG.I , sliding 8.3% and 6%,
respectively as investors feared a negative impact from Sinn
Fein's policies, which include an end to tax breaks for banks.
Ireland's main index .ISEQ dropped 1.2% as significant
differences in the manifestos of the three main political
parties reduced hopes among investors for a smooth formation of
a new government.
"Sinn Fein proposals on the economy are less conservative –
especially on housing market issues - than those of Fine Gael
and Fianna Fáil, but how this election will change Irish
economic policies remains a big question mark given the
difficulty of government formation," said Bert Colijn, senior
economist, Eurozone at ING.
Oil stocks .SXEP were the worst performers in Europe,
while commodity linked stocks .SXPP also slid as crude, iron
ore and copper prices fell on worries over weaker Chinese demand
in the wake of the coronavirus outbreak. O/R
The virus has taken more than 900 lives in China, exceeding
the death toll from the SARS outbreak over decades ago and
analysts are attempting to quantify the economic fallout from
production and supply disruptions from suspended operations in
the country.
Data on Monday showed such fears had hit investor morale in
the euro zone - down for the first time in four months in
February.
Automakers .SXAP , among the most exposed to China, slumped
0.8%. BMW BMWG.DE , Volkswagen VOWG.DE , Peugeot owner PSA
PEUP.PA and Renault RENA.PA all slipped more than 1%,
weighing on the German .GDAXI and French .FCHI indexes.
While Germany's economy may be the most hit by the outbreak,
it could also be the one that benefits the most when China rolls
out massive stimulus to support its economy, said Andrea
Cicione, head of strategy at TS Lombard. A need to ramp up
infrastructure may see it tap Germany's expertise, he said.
Defensive sectors such as healthcare .SXDP , real estate
.SX86P and utility stocks .SX6P - which investors turn to
during times of turbulence - rose more than 0.3%.

UPDATE 2-European shares end flat, Irish stocks battered after election
 

Related Articles

United Airlines Holdings Earnings, Revenue Beat in Q3
United Airlines Holdings Earnings, Revenue Beat in Q3 By Investing.com - Oct 20, 2021

Investing.com - United Airlines Holdings reported on Tuesday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. United Airlines Holdings...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email