On Friday, the 1st of March, 2019, the European shares had started the month on a strong footing, closing the day to a five-month high, as a fresh bunch of corporate updates had fired up risk-appetite, although there had been tempered talks regarding Sino-US tariff truce progress.
After crossing its highest since October 2018, earlier in the mid-day European session, the Pan European STOXX 600 index ended the day 0.4 percent higher. During Friday’s intra-day trading, gains had been spreading across all over Europe, and all regional heavyweights had closed the day higher, with exporter heavy DAX leading the frontiers upon arrival of an upbeat Chinese economic data.
The Dublin market, which is widely considered as a barometer for Brexit sentiments, gained 1.3 percent, outclassing its European peers by a wide margin, as a no-deal Brexit fear has been evaporated after opposition Labor Party had agreed to back an extension of Article 50, as well as a second Brexit referendum, if the current Brexit Amendment failed to pass through the House of Commons.
Apart from that, a WasPostton post report revealed yesterday, that the number of votes in favor of PM May’s Brexit deal had started to close the gaps. Over fresh optimism of a Brexit deal, upstream corporate data and a slightly upbeat Chinese economy, Germany’s DAX posted a gain of 0.75 percent to 11,601.68, and France’s CAC 40 added 0.47 percent to 5,265.19, while the UK’s FTSE 100 had surged 0.45 percent.
Regarding Friday’s (March 1st) bullish momentum, a European equity portfolio manager at RWC Partners, Edward Rumble said, “If corporate profits do grow, which I think they will, equities look reasonably good value.