European stocks on track to set new record high - MarketWatch

European stocks on Monday advanced to a level that would put them at a new record high, gaining ground in a broad-based rally.

The Stoxx Europe 600 SXXP, +1.19%  increased 0.93% to 415.85, surpassing the previous closing high of 414.06 reached on April 15, 2015.

Last week’s wave of key news generally went in the direction that traders wanted, with the U.S. and China saying they have tentatively reached a trade deal, central banks in the U.S. and Europe saying they weren’t planning on lifting interest rates anytime soon, and the Conservatives winning the U.K. election.

Goldman Sachs strategists lifted their Stoxx 500 target in 12 month’s time to 440 from 420, saying the number of risks appear to be diminishing for Europe.

The German DAX DAX, +0.69%  rose 0.58% to 13359.84, the French CAC 40 PX1, +0.99%   increased 0.79% to 5966.00 and the U.K. FTSE 100 UKX, +2.21%  jumped 1.21% to 7442.34.

News that the flash reading of the IHS Markit eurozone manufacturing purchasing managers index fell to a 2-month low in December did little to spoil the sentiment.

🇪🇺 Eurozone endured its worst quarter since 2013, according to flash PMI data, with December coming in at 50.6 (unchanged). Survey data for Q4 is broadly consistent with growth of approximately 0.1%q/q. More: https://t.co/Gi3b355TL5 pic.twitter.com/4ahCEwPjIM

— IHS Markit PMI™ (@IHSMarkitPMI) December 16, 2019

Of stocks on the move, Cineworld Group CINE, -1.07%  shares slumped 3.5% after saying said it’s going to buy Canada’s Cineplex CGX, +0.00%   for $2.1 billion in a deal that will add 165 cinemas to its portfolio.

Appliance maker Electrolux’s ELUX.B, -10.73%  shares dropped 10.7% after warning it will see lower savings from its North American manufacturing consolidation program next year.

Petroleum product distribution company Rubis RUI, +3.77%  rose 2.8% after saying it’s in talks to form a joint venture with I Squared Capital for its bulk storage infrastructure arm that would value the division at 1 billion euros.

Kerry Group KRZ, -2.66%   fell 3.7% after losing out to International Flavors & Fragrances IFF, -0.46%  in trying to reach a deal for DuPont’s nutrition business.

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2019-12-16 09:30:00Z
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