Ahead of tomorrow’s possible Brexit vote in parliament Europe ended up on modest gains. Apart from Personal Goods all sectors moved higher with most performing better than regional indices. Basic Resources led followed by banks, Chemicals, Industrials, and Autos. Each saw gains of 1% or more. Tech names led were also up with strong sentiment post the upgrade to Apple. On the output cut by the Saudis oil price moved higher allowing the sector to pare Friday’s Norwegian-based selloff.
PM May may be forced to delay her Brexit vote tomorrow with many Tories said to oppose her plan. Pressure is still on for her to quit with the EU said to be writing up a large bill against the UK for their delay in getting a deal done.
Swiss IT consultant Acando ended 44% higher with CGI Nordic bidding SEK41.45 for the firm.
Oil explorer Cairn Energy fell 11% as it does not see India ponying up $1.4B owed it from a court case. India had assessed restrospective tax actions against them with Cairn winning a settlement amount from the UK-India Bilateral Investment Treaty. Cairn now sees the payment year-end at the soonest.
Airlines were mixed with Ryanair down 2.1%. The firm is set to purchase 50 of the Boeing 737 Max jets which was the type that crashed this weekend in Ethiopia.
With Essar Steel still owing money to Standard Chartered, the bank is opposing a court’s approval of the steel company’s purchase by ArcelorMittal +1.4%. Essar is said to own Standard Chartered 35.6B rupees.
From earlier: Deutsche Bank +5%, Commerzbank +7.2%, and Safran -1.7%.
Tonight, Japan has a couple of survey results out as does Autralia. A couple hours into the session the UK will release GDP, Industrial/Manufacturing Production number, and trade data.