EUROPE MARKETS: European Stocks Advance, With Exporters Supported By Lower Euro

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08/22/2016 | 09:10 am

By Carla Mozee, MarketWatch

Syngenta gains U.S. OK for takeover deal

European stocks pushed higher Monday, with a lower euro and deal developments including from Syngenta AG supporting a rise in the region's equity benchmark.

The Stoxx Europe 600 drove up 0.9% to 343.26, with all sectors trading higher, led by financials and telecoms . The pan-European index on Friday fell 0.8% , extending last week's loss to 1.7%.

Shares of some exporters were pushing higher as the euro lost ground against the U.S. dollar. The dollar rose against its rivals after Federal Reserve Vice Chairman Stanley Fischer on Sunday said the Fed is close to its targets, suggesting the central bank may be able to raise interest rates soon.

The export-oriented German DAX 30 picked up 1.1% to 10,656.39. A lower euro helps makes products from European companies less expensive to buy for clients overseas.

The euro bought $1.1294 compared with $1.323 late Friday in New York.

Meanwhile, Syngenta AG (>> Syngenta AG) drove to the top of the Stoxx 600. Shares jumped 12% after a U.S. national-security regulator cleared the proposed $43 billion purchase of the Swiss seed maker by China's China National Chemical Corp., or ChemChina.

Syngenta's rally helped push Switzerland's SMI up 0.9% to 8,199.48.

Other movers: Also popping up were shares of France's Teleperformance SE (>> Téléperformance). They climbed 7.6% as the outsourcing company said it's buying translation services company LanguageLine Solutions LLC in a $1.52 billion deal. The deal when completed should add to Teleperformance's per-share earnings by around 10% on an adjusted basis for 2016.

Kingspan Group PLC shares (KRX.DB) gained 5.3% as the Irish building materials supplier raised its dividend after posting 50% jump in half-year adjusted-operating profit.

Indexes: The U.K's FTSE 100 rose 0.1% to 6,863.26, held back from a stronger rise as mining shares dropped alongside a fall in dollar-denominated metals prices. Copper producer Fresnillo PLC (>> Fresnillo Plc) and platinum Anglo American PLC (>> Anglo American plc) fell 5.9% and 4.1%, respectively.

France's CAC 40 gained 0.8% to 4,435.15 and Italy's FTSE MIB rose 1.1% to 16,483.76. Spain's IBEX 35 picked up 0.8% at 8,516.10.

Stocks mentioned in the article : Syngenta AG, Téléperformance, Fresnillo Plc, Anglo American plc
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