Europe shares higher; Tullow Oil up 4%
European equities edged higher in the last trading session of the week, as investors reacted to individual stocks news amid hopes of further accommodative policy by global central banks.
Tullow Oil gains
The pan-European Euro Stoxx 600 index was slightly higher, with U.K.-listed Tullow Oil rising to the top of the benchmark. The energy firm announced that it had raised $450 million in capital from its creditors, which sent its stock 4 percent higher at the session open.
Meanwhile, construction firms Lafarge and Holcim cannoned new terms of a merger deal, with both stocks posting gains in early deals.
Shares of Italian tire maker Pirelli also rose, up 2 percent, on reports from Reuters that a key shareholder in the company was in talks with the China National Chemical Corporation.
EU summit in focus
|
Symbol
|
Name
|
Price
|
Change
|
%Change
|
Volume
|
|
|---|---|---|---|---|---|---|
| FTSE | FTSE 100 Index | 6971.25 | 8.93 | 0.13% | 205489132 | |
| DAX | DAX Index | 11988.48 | 89.08 | 0.75% | 23127106 | |
| CAC 40 | CAC 40 Index | 5048.81 | 11.63 | 0.23% | 26469094 | |
| IBEX 35 | IBEX 35 Idx | 11142.90 | 51.90 | 0.47% | 60613905 |
Global markets cheered the Federal Reserve’s statement — which hinted that the central bank might not pull the trigger on interest rates until later in the year — during the previous session. Asian stocks were largely lower on Friday, mirroring Wall Street’s finish overnight as the Fed-inspired rally lost steam.
In other news, markets will watch the second day of a European Union (EU) summit in Brussels on Friday, at which the Greek debt crisis, trade and the conflict in Ukraine will be top of the agenda.
Reuters reported that Greek Prime Minister, Alexis Tsipras, had assured EU creditors at late-night crisis talks that his leftist-led coalition would present a full set of economic reforms soon, in order to unlock cash to stave off bankruptcy.
Tsipras said he was optimistic after the talks, but German leader Merkel insisted that no money would be released before Athens implemented budget measures and other reforms.
Ukraine talks
On Friday, Greece is due to make a loan repayment of 335 million euros ($357 million) to the International Monetary Fund (IMF), just one of the upcoming repayments putting pressure on the government.
In talks on Ukraine, EU leaders agreed to link the lifting of economic sanctions on Russia to the full implementation of a Ukraine ceasefire agreement, European Council President Donald Tusk announced. This means that sanctions could be lifted at the end of the year when Ukraine is due, under a ceasefire agreement, to regain control of its eastern border from pro-Russian rebels.
Elsewhere, shares of Tesco rose 0.4 percent with the announcement of a deal to regain ownership of 21 of its superstores.
Source: cnbc – Europe shares higher; Tullow Oil up 4%
