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Monday, 19 June 2017 05:34

European stocks head for biggest rise in two months

Written by  Reuters

LONDON European stocks headed for their biggest rise in two months on Monday as investors snapped up cut-price retail and tech stocks and France's shares and bonds cheered a meaty parliamentary majority for pro-business President Emmanuel Macron.

Europe's banks jumped too following broker upgrades for Credit Suisse [.EU], while there was little sign of tension for the sector or for the pound GBP=D3 or euro EUR=EBS as formal Brexit negotiations kicked off in Brussels.

Projections showing that Macron had won a commanding majority in France's weekend vote saw Paris stocks .FCHI make a 1.1 percent gain as the country's bonds also outperformed in fixed income markets. [GVD/EUR]

"We expect the Macron reforms to transform France like the Thatcher reforms had cured the erstwhile sick man of Europe, the United Kingdom, some 35 years ago," said Berenberg European economist Holger Schmieding.

"And like the 'Agenda 2010' reforms had turned Germany from one of the weakest into one of the strongest economies in Europe almost 15 years ago."

Asia had kicked off the week strongly as well with a two-week closing high for Japan's Nikkei .N225 and 0.3 - 0.7 gains for Australian and South Korean KOSPI .KS11

Chinese .CSI300 and Hong Kong stocks .HSI jumped 1 and 1.2 percent ahead of a decision by index provider MSCI on Tuesday, expected to see it add mainland-listed Chinese stocks to its top share benchmarks for the first time.

Read more at Reuters

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