The pan-European Stoxx 600 was up 0.82 percent during early morning deals, with almost all sectors and major bourses in positive territory.
Europe's banking index led the gains on Friday morning, up more than 2 percent after global regulators signed a long-awaited agreement in the previous session. The deal represents the last piece of the Basel III puzzle and is a compromise between U.S. and European regulators over capital levels and measurements of risk in the industry. Danske Bank, Lloyds and Societe Generale were all more than 2.5 percent higher on the news.
Meanwhile, basic resources stocks — with their heavy exposure to China — were also trading up more than 1 percent. A robust rebound in Beijing's iron ore and copper imports appeared to stem a recent downturn in commodity prices. ArcelorMittal, the world's largest steelmaker, was up over 1 percent in early morning deals.
South African retailer Steinhoff plunged over 32 percent on Friday morning after Moody's downgraded the stock by four ratings to "junk" status. The company has lost more than 80 percent of its value — wiping more than $12 billion off its market value — since it revealed accounting irregularities and parted ways with its chief executive, Reuters reported.
Brexit breakthrough
Brexit continues to keep investors on their toes with the U.K. and European Union finally agreeing upon three particular issues that had impeded negotiations, paving the way for the next phase of discussions. Sterling seesawed on the back of the announcement.
Speaking of politics, news Stateside is expected to shake up sentiment, whether that be related to Russia relations, tax reforms or geopolitics. In the latest from the country, Congress moved rapidly to send President Donald Trump a short-term funding bill on Thursday, in order to prevent a government shutdown from happening this weekend.
Bloomberg
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.