European stocks mostly rose on Thursday, with the exception of U.K. equities, as multinationals suffered from the continued run-up in the British pound.

The Stoxx Europe 600

SXXP, +0.30%

 increased 0.29% to 404.37.

The German DAX

DAX, +0.03%

 and French CAC 40

PX1, +0.50%

 also rose. U.S. stock futures

ES00, +0.22%

 also gained ground.

However, the U.K. FTSE 100

UKX, -0.12%

 declined 0.09% to 7182.28. The rise in the British pound

GBPUSD, +0.1984%,

on the expectation that the Conservatives will secure a majority in Parliament after the December 12 general election, is weighing on U.K.-based multinationals such as AstraZeneca

AZN, -0.14%

 that earn most of their revenue outside the country. AstraZeneca’s U.K.-listed shares fell 0.5%.

Of stocks in the spotlight, shares in Italian jacket maker Moncler

MONC, +9.73%

 surged after Bloomberg reported Kering, the French luxury brands owner, has held exploratory talks on buying it. Kering

KER, +1.26%

 shares rose 1.7%. Neither company commented.

An analyst at ING said a buyout price could be 13 billion euros ($14.4 billion). Analysts at Morgan Stanley, who say Moncler could fetch 12.25 billion euros, said the Italian group would be a “plug-and-play” acquisition for Kering and a way for the French company to reduce its dependence on the Gucci brand.

M&G shares

MNG, -3.47%

 dropped for a second day, losing 3%, after the fund manager on Wednesday suspended redemptions from its flagship property fund.

Source link

2019-12-05