EUROPE MARKETS: Stoxx Europe 600 Ends Higher, Shaking Off Sweden's Election Results

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09/10/2018 | 05:23 pm

By Victor Reklaitis, MarketWatch

RPC Group's stock soars on news of takeover talks

European stocks ended higher Monday, as investors assessed ongoing worries over global trade while also weighing a win for antiestablishment politicians in Sweden's election.

What are markets doing?

The Stoxx Europe 600 rose 0.4% to finish at 375.51, after inching higher in Friday's session but still suffering a weekly loss , as it dropped 2.2% last week.

The pan-European gauge is showing a decline of 3.5% for the year to date.

Germany's DAX 30 rose 0.2% to finish at 11,986.34, while France's CAC 40 added 0.3% to close at 5,269.63. The U.K.'s FTSE 100 eked out a gain of less than 0.1% to end at 7,279.30.

The euro edged up to $1.16, up from $1.1553 late Friday in New York, while the pound bought $1.3028, up from $1.2901.

Don't miss:5 reasons to dial back on eurozone stocks for the rest of the year

What is driving the market?

Trade tensions between the U.S. and its partners have put pressure on global markets in recent months. A concern as the week kicks off is President Donald Trump's tweet over the weekend urging Apple Inc .(AAPL) to move its manufacturing to the U.S., a comment that helped put some pressure on Asian tech stocks .

U.S. stocks moved mostly higher Monday, with the S&P 500 and Nasdaq attempting to break a four-day losing streak.

Investors also are worried about a fresh advance for antiestablishment European politicians, with Sweden becoming the latest country to show a shift over the weekend. The far-right Sweden Democrats, an anti-immigration party with roots in neo-Nazism, garnered an estimated 17.6% of ballots cast in Sunday's election .

What are strategists saying?

"The SD ran on a stricter immigration policy and want Sweden to leave the EU," said David Madden, a CMC Markets UK analyst, in a note, referring to the European Union, the region's big trade bloc.

"The election is unlikely to rock the financial markets, but growing euroskepticism can't be ignored."

Stock movers

Shares in RPC Group PLC soared 18% after the packaging and containers company confirmed it's in talks to sell itself (

Shares in Compagnie Financiere Richemont SA (CFR.EB) tacked on 0.8% after the Cartier parent named Jerome Lambert as its CEO . Richemont also said five-month sales through August showed double-digit percentage growth.

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