15 Aug 2017

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European stocks rise for second day as geopolitical risks recede

Aleksandra Gjorgievska, Bloomberg

London - European equities extended their rebound, mirroring a global recovery, amid easing tension between the US and North Korea.

The Stoxx Europe 600 Index advanced 0.3% at 09:27. Danone led food and beverage shares higher, rising 2.7% after people familiar with the matter said activist fund Corvex Management has built a stake in the yogurt maker because it views it as significantly undervalued.

Stocks fell last week amid an escalating war of words between the leaders of the US and North Korea. A surge in US stock volatility has made European derivatives look like bargains again.

Euro Stoxx 50 Index options have become the cheapest since January 2016 relative to those on the S&P 500 Index.

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