European shares rose to five-month highs in the morning of the first trading day...
LONDON - European shares rose to five-month highs in the morning of the first trading day of March as a fresh batch of corporate updates helped drive a risk-on mood after U.S. President Donald Trump earlier fueled some concerns over trade talks with China.
“Momentum has flagged slightly in recent sessions and concrete news of an agreement between the U.S. and China is now needed to prolong the rally in risk assets,” wrote Peel Hunt analyst Ian Williams, noting that in the meantime it was up to corporate earnings to maintain morale. All sectors were on the rise but telecoms were flat. The sector, a traditional defensive play, has suffered from the 5-percent fall experienced by Belgium’s Proximus after it published disappointing results.
In the less fashionable food industry, Spanish sausage casing producer Viscofan was up 7.6 percent after it struck an upbeat note on 2019 guidance and Kepler Cheuvreux upgraded it to “hold” from “reduce”.
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