Economic news

European stocks surge as NAFTA deal picks up sentiment

European stocks edged higher in morning deals on Monday as optimism on the global trade war front was supported by a fresh U.S.-Mexico-Canada deal, which is helping world markets enter the fourth quarter with a positive sentiment.

Photo: Reuters

The pan-European STOXX 600 index rose 0.4 percent with most European exchanges and sectors trading in green territory.

Ireland-based Ryanair led the decline, losing 7.5 percent after it downgraded its forecast for full-year profit due to recent coordinated strikes across Europe, that had hurt traffic and bookings.

Germany’s Linde was the best performer, rising 6.3 percent after it received affirmation for its proposed $83 billion merger with Praxair from the Chinese antitrust watchdog.

France's supermarket group Casino added 0.3 percent after it said it had agreed to sell some property assets for 565 million euros to cut debt levels.

Italian banking sector jumped 0.5 percent after suffering its worst drop in almost two years on Friday on worries the populist government’s plan to raise its deficit target could threaten the long-term balance of its sovereign debt.

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