Defensives heave European stocks higher; FTSE outperform as Pound pummelled


by   |  VIEW 228
Defensives heave European stocks higher; FTSE outperform as Pound pummelled

On Monday, the 2nd of September, a gauge of European stock indices edged higher in a thin-volume trading day, while investors’ bet on defensive stocks amid US and China inclining higher tariff on each other’s good, assisted the regional pan-European STOXX 600 to wrap-up the day 0.3 per cent higher after dwindling as much as 1.6 per cent in August in context of a raft of global trade disputes alongside a growing uproar of recession risks.

Meanwhile, a wobbling trickle of British currency amid Brexit chaos alongside a faltering manufacturing activity in the United Kingdom had helped London’s FTSE 100 to outperform while outpacing other European peers.

If truth is to be told, in the face of an unfathomable pressure tempering investors’ nerve in the wake of a withering downturn in Sino-US trade spat despite a consoling trade talk scheduled to take place as early as this month, investors were betting on defensives likes of foods and beverages, utilities alongside healthcare.

Meanwhile, addressing that the investors were waiting for a direction, a Rabobank analyst, Philip Marey said on Monday (September 2nd), “The data hasn’t changed views much. You’re left with the fact that a lot of negatives about the trade war has been discounted in the recent days.

There are some hopes that will be talks between the two parties and the U.S. holiday is having an impact as well. Investors are waiting for a direction from U.S. markets. ” Citing statistics, London’s FTSE 100 surged 1.04 per cent to wrap up Monday’s (Sept.

2nd) market at 7,281.94, while Spain’s FTSE MIB gained 0.61 per cent to 21,451.98 and Madrid’s IBEX 35 rounded off Monday (Sept. 2nd) market a penny higher to 8,815.60.