European markets were lower on Friday, as investors monitored corporate results and reacted to quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England.The pan-European Stoxx 600 traded 0.4% lower at around 9:45 a.m. London time, with most sectors and major bourses in negative territory. Mining stocks led the losses, down 2.7%, while health care stocks rose 0.9%.Germany's DAX index fell 0.5% on Friday, paring gains from the previous session.
"I think there's a huge amount of opportunity in markets at the moment and I think what we've seen is a pick-up of that rotation that we started to see in early July, when we had that lower CPI print come out of the U.S.," Rory McPherson, CIO at Wren Sterling, told CNBC's" McPherson said U.S. companies that have done well, particularly in the postelection rally, have been those that have beaten"very modest" earnings expectations and were trading on cheaper valuations to the firms that propped up the market in recent years.Shares of Danish biotech Zealand Pharma surged more than 7% on Friday morning, hitting the top of the European benchmark after JPMorgan initiated coverage of the stock with an overweight rating.
"We saw solid sales growth across most of our regions offsetting continued weakness in Chinese demand, which, as I had predicted, will take longer to recover and is particularly affecting our Specialist Watchmakers," he added.is on track to hit the $100,000 price milestone by the end of the year after President-elect Donald Trump's election victory, according to analysts.
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