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UPDATE 2-European shares clock sixth weekly gain on trade cheer

Fri, 15th Nov 2019 10:00

* Trade-sensitive miners, tech stocks lead gains

* White House comments spur small weekly gain for STOXX 600

* Sweden's SEB sinks to bottom of STOXX 600

* Salmon producers Mowi and Salmar slide on DoJ subpoenas
(Updates to close, changes quote, adds news items)

By Agamoni Ghosh and Susan Mathew

Nov 15 (Reuters) - European shares clocked a sixth-straight
week of gains on Friday following record highs on Wall Street
after bullish comments from a White House official on U.S.-China
trade talks.

The pan-European STOXX 600 index rose 0.4%, close
to four-year highs it hit last week, with most sectors ending in
the black.

White House economic adviser Larry Kudlow said late on
Thursday Washington and Beijing were getting close to a trade
agreement, citing what he called very constructive talks with
Beijing about ending a 16-month trade war.

"Europe as a whole is a story of more optimism about a trade
deal and the fact that Italy and Spain, which in the last couple
of days had underperformed, are doing better," said Andrea
Cicione, head of strategy at TS Lombard.

European indices that see-sawed through the week on
conflicting trade headlines, glum economic indicators, mixed
corporate outlook and some rocky Spanish politics, managed to
end the week marginally higher.

Trade-sensitive commodity-linked and technology
stocks led gains on the day, while defensive plays like
utilities and telecom lagged.

Chipmakers Infineon, STMicroelectronics
and ASML Holding were all up on industry bellwether
Applied Materials' upbeat forecast for the first
quarter in 2020.

A.P. Moller-Maersk was the biggest climber in
the STOXX 600 index after the world's biggest container shipping
firm said that despite an uncertain economic outlook, a focus on
driving down costs put it on track to improve its profit margin.

A handful of disappointments among stocks listed in the
Nordic region kept overall gains in check.

Swedish human care equipment maker Elekta dropped
11% after slashing its full-year outlook, while SEB
sank 12% after the lender said it had been informed a
broadcaster would air a programme on suspected money laundering
that would include information concerning the bank.

Those falls flattened the Stockholm index, while
Norwegian shares fell 0.4%, hit by salmon producers
Mowi and SalMar after the companies said the
U.S. Department of Justice had issued subpoenas.

News that Britain's opposition Labour Party would
nationalise parts of the telecoms provider BT's network
if it won power in the Dec. 12 election, hit other telecom peers
and capped gains for the FTSE 100.

BT shares slid 1%, while Vodafone dropped and
TalkTalk fell 3% each.

"We've been pointing out over the last few months that in UK
equities there is a Brexit and a Corbyn discount because of the
threat of nationalisation, and they've become all too real with
this becoming a part of the Labour manifesto," said Andrea
Cicione.
(Reporting by Agamoni Ghosh, Sruthi Shankar and Susan Mathew in
Bengaluru; Editing by Subhranshu Sahu, Bernard Orr and Elaine
Hardcastle)

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18 Nov 2019 11:18

UPDATE 2-UK's Johnson drops corporate tax cuts to fund spending as election nears

(Adds CBI reaction, background)LONDON, Nov 18 (Reuters) - British Prime Minister Boris Johnson said on Monday he was putting on hold further cuts in corporation tax and told voters he would pump the money into services such as health instead, add...

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18 Nov 2019 11:07

UK PM Johnson says postponing further cuts in corporation tax

LONDON, Nov 18 (Reuters) - British Prime Minister Boris Johnson said on Monday the government was postponing further cuts in corporation tax."We are postponing further cuts in corporation tax," Johnson told business leaders at a conference organis...

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18 Nov 2019 10:28

Danger on both left and right, warns UK business group CBI

LONDON, Nov 18 (Reuters) - There is a threat to British business from both the left and the right of politics, the country's biggest business lobby group the CBI warned on Monday, a month before voters head to the polls to elect a new government....

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15 Nov 2019 16:56

EXPLAINER-What's behind Labour's plan to overhaul BT and the British broadband network?

By Paul SandleNov 15 (Reuters) - Britain's opposition Labour Party says if it wins the Dec. 12 election it will nationalise BT's broadband network and provide free internet for all within a decade, a radical election pledge to roll back decades of...

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15 Nov 2019 15:56

UK Liberal Democrats say they could back minority government on 'issue-by-issue' basis

LEEDS, England, Nov 15 (Reuters) - Britain's anti-Brexit Liberal Democrats could support a minority Labour or Conservative Party government on an issue-by-issue basis if a Dec. 12 election does not produce a clear winner, the party's finance spok...

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15 Nov 2019 12:06

LONDON MARKET MIDDAY: Labour's Nationalisation Threat Sends BT Lower

LONDON MARKET MIDDAY: Labour's Nationalisation Threat Sends BT Lower

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15 Nov 2019 11:56

Labour plans tax on global firms' profits based on UK presence

LONDON, Nov 15 (Reuters) - A British government led by the Labour Party would tax multinational companies' global profits based on their presence in Britain, the party's finance spokesman said on Friday."So if a multinational has 10% of its sales,...

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15 Nov 2019 10:40

UK WINNERS & LOSERS SUMMARY: FirstGroup Climbs On Regulator Optimism

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15 Nov 2019 10:00

UPDATE 1-European shares set for sixth week of gains on bullish trade talk

* Trade-sensitive miners, tech stocks jump on trade hopes* White House comments spur small weekly gain for STOXX 600* Sweden's SEB sinks to bottom of STOXX 600 (For a live blog on European stocks, type LIVE/ in an Eikon news window)By Sruthi Shanka...

Read more
15 Nov 2019 09:37

UK PM Johnson says Labour's plan to part-nationalise BT is "crackpot"

LONDON, Nov 15 (Reuters) - British Prime Minister Boris Johnson said a pre-election promise by the opposition Labour Party to nationalise telecoms provider BT's fixed line network to provide free full-fibre broadband for all is a "crackpot scheme...

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15 Nov 2019 09:12

UPDATE 2-Politics drives domestic shares higher; FTSE cheers trade signs

* FTSE 100 up 0.1%, FTSE 250 up 0.9%* Brexit Party stands down in more seats* Signs of Sino-U.S. trade deal stoke risk appetite* BT falls on Labour nationalisation pledge* Carpetright jumps on buyout deal (Adds news items, updates to closing prices)...

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15 Nov 2019 08:41

TalkTalk Swings Back Interim Profit; Unchanged Full-Year Outlook

TalkTalk Swings Back Interim Profit; Unchanged Full-Year Outlook

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15 Nov 2019 08:37

LONDON MARKET OPEN: Miners Climb But BT Dips On Nationalisation Threat

LONDON MARKET OPEN: Miners Climb But BT Dips On Nationalisation Threat

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15 Nov 2019 08:20

Labour's McDonnell says broadband plan is the limit of nationalisation plans

LONDON, Nov 15 (Reuters) - A plan to nationalise parts of BT to provide free broadband to everyone in Britain marks the extent of the opposition Labour Party's nationalisation policy, its finance spokesman John McDonnell said on Friday.Labour has ...

Read more

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