European Daily Market Review

European stocks and futures snapped a two-day dropping pattern as miners and banks rallied amid growing investors optimism that U.S. President-elect Donald Trump will spur growth in the world’s biggest economy.

RWE AG jumped 1.6 % after posting earnings. Novartis AG gained 1.3 % after people familiar with the matter, reported the Swiss health-care company.U.K. stocks leaped in today’s session, with financial shares among the advancers, as the pound pulled back from a rally spurred by Donald Trump’s U.S. election victory.

The FTSE-100 surged 1.2% to 6,807.07. All sectors but the defensive utility group rose. The benchmark on Friday lost 1.4% as sterling reached five-week high versus the USD.

Intrum Justitia AB is taking over the competitor Lindorff in a $1.96 billion deal that will add scale to Europe’s biggest debt collector. The company agreed to buy Oslo-based Lindorff in exchange for 64.2 million new shares, it said in a statement on Monday.

The price for all shares in Lindorff corresponds to 17.9 billion kronor ($1.96 billion) based on the Nov. 11 closing price of Intrum Justitia. The euro was changing hands at $1.0794, reaching the 10-month low of $1.0773 earlier in the day, according to EBS via CQG. The euro was at $1.0856 late Friday in New York.

The dollar was trading at ¥107.54 yen after hitting as high as ¥107.59, which is the peak level since June 7.

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Posted by on November 14, 2016
D'Vaughn Bell