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
increased 0.29% to 404.37.
The German DAX
and French CAC 40
also rose. U.S. stock futures
also gained ground.
However, the U.K. FTSE 100
declined 0.09% to 7182.28. The rise in the British pound
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
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
surged after Bloomberg reported Kering, the French luxury brands owner, has held exploratory talks on buying it. Kering
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
dropped for a second day, losing 3%, after the fund manager on Wednesday suspended redemptions from its flagship property fund.
