Economic news

European shares rise following Chinese stocks recovery

European stocks crept higher at the opening bell on Friday as Chinese stocks reversed earlier declines following unsuccessful U.S.-China trade negotiations.

Photo: Reuters

The pan-European STOXX 600 ticked up 0.2 percent with surge across most bourses of the region and gains among miner, banking and auto sectors.

Auto stocks advanced 0.4 percent after being among the weakest sector this week since an unexpected profit warning from tire producer Continental hurt amid rising tariff worries.

Shares of Ireland-based construction company Kingspan were among the best performers with a 7.7 percent surge after posting first half financial results.

Among smaller firms, Swiss semiconductor maker U-Blox slumped 15 percent after it reported weak results and downgraded its outlook for the year, with investors marking its China business as especially frustrating.

Markets remain anxious before a speech by Jerome Powell in which he is anticipated to give fresh fresh insights into the economy.


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