On another very active day for deals, CaixaBank SA and Bankia SA approved a combination to create Spain's biggest lender, German plastics maker Covestro AG surged on a report buyout firm Apollo is exploring a takeover, and London Stock Exchange Group Plc entered into exclusive talks with Euronext NV in relation to the sale of the Borsa Italiana group.
European stocks have remained in a narrow trading range since June, showing little momentum, with investor optimism about an economic rebound bruised by rising coronavirus cases, a delay in vaccine progress, ongoing trade tensions and political risks related to Brexit and the US election. Strategists aren't bullish either. On average, they see little upside for the Stoxx 600 into year end after their brisk rebound in the first half of 2020, with a consensus target of 371, according to a Bloomberg monthly survey.
"One should not be too much surprised with the narrow range of trading displayed since June," said Oddo BHF strategist Sylvain Goyon. "After all, the current index level is already pricing a better than originally anticipated macro dynamic and supra-accommodative monetary conditions."For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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