Tuesday , September 29 2020
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Europe stocks inch higher before key Trump speech on China – MarketWatch, Marketwatch.com


                                                                                                                                                                                                                                                                                                                                                                                            

European stocks edged higher on Tuesday ahead of a critical speech on China trade relations from President Donald Trump, supported by generally well-received earnings.

The Stoxx Europe 600                                                                                                                                                                                                                      SXXP, 0. (%),                                                                                                                                                           which finished Monday only 2% below its record close, increased 0. 12% to 405. 81 .

The German DAX                                                                                                                                                                                                                      DAX, 0. (%)                                                                                                                                                          increased 0. (% to) . 76, the French CAC 40                                                                                                                                                                                                                      PX1, 0. 26%                                                                                                                                                          gained 0. (% to) . 52 and the UK FTSE 100                                                                                                                                                                                                                      UKX, 0. 35%                                                                                                                                                          rose 0. 28% to 7349. 30.

Trump at 12 pm Eastern is due to deliver a speech to the Economic Club of New York. “Whatever the tone of the remarks, the effect on markets is likely to be short term. We are just a tweet away from a policy change, and the next communication on trade could reverse market assumptions, ”said Paul Donovan, chief economist at UBS Global Wealth Management.

Vodafone Group                                                                                                                                                                                                                      VOD, 2. 94%                                                                                                                                                                                         VOD,– 0. 68%                                                                                                                                                          rose 1% as the UK-based mobile-phone operatorlifted its guidance for fiscal 2020 adjusted earningsto imply 2% to 3% organic growth. Its first-half organic adjusted Ebitda rose 1.4% on 0.3% growth in service revenue, helped by gains in South Africa, Spain and Italy.

Infineon Technologies                                                                                                                                                                                                                      IFX, 6. 40%                                                                                                                                                          climbed 5% as the German chip maker reported better fourth-quarter revenue and operating profit than forecast, helped by its unit that produces chips for smartphones. Infineon’s outlook implies strong sales growth in the second half of its fiscal year, according to Gianmarco Bonacina, an analyst at Equita, the Italian broker.

B&M European Value Retail                                                                                                                                                                                                                      BME ,– 5. 08%                                                                                                                                                          tumbled 7.3%. The discount retailer experienced a worse than expected 2.8% decline in adjusted pretax profit as the company reported “continued disappointing financial performance in Germany” and slowing same-store sales growth at its U.K. stores.

Electrocomponents                                                                                                                                                                                                                      ECM,– 10. (%)                                                                                                                                                          shares slumped 13. 6% as the distributor of industrial and electronics products said the second half started with “modest growth” with “ongoing softness in electronics . ”

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

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