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Europe stocks climb as mining, tech shares rise on volatile day

Nov 29 2018 15:18
Ksenia Galouchko and Macarena Munoz, Bloomberg

European stocks rose in volatile trading, with mining, technology and industrial shares leading the gains following a sharp rally on Wall Street sparked by dovish comments from Federal Reserve Chairman Jerome Powell.

The Stoxx Europe 600 Index was up 0.3% as of 13:45 CET, bouncing back after erasing earlier gains. Oil stocks surged on a report that Russia and Saudi Arabia are still in talks over a production cut, while autos turned positive after a report that the European Union denied that Commissioner Guenther Oettinger said US tariffs on cars might come before December 25.

The Stoxx 600 Real Estate Index was the worst performer, dragged down by Hammerson Plc on negative read-across from the withdrawal of an acquisition of Intu Properties Plc, which was down 35%.

Investors will be looking for any hopeful signals on trade from a meeting between the US and Chinese presidents at the Group of 20 summit in Buenos Aires this weekend. US equity traders rejoiced on Wednesday after the Fed Chairman Jerome Powell fueled speculation the central bank may pause on raising interest rates next year.

“It’s somewhat ironic that the Fed Chair’s speech on financial stability would elicit a large financial market reaction, but investors heard exactly what they were hoping for,” said Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management. “Growth is good and inflation is low, so they may as well take it slow.”

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