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Reuters Insider - Reuters Today: European markets sink after red-hot rally

Tue 31st December, 2019 10:00am
Click the following link to watch video:
Source: Reuters Insider

Description: Rallies in Asia failed to infuse optimism in European markets,
which were pulling back on Monday. However, crude oil prices were finding
support. Companies in the news include EssilorLuxottica, AstraZeneca, Tesla
and Italian bank Monte dei Paschi. Mark Carney was also in the spotlight on
Monday morning for his comments about investment and the environment.
Short Link:

Video Transcript:

Good morning and welcome to Reuters Today, I'm Alanna Petroff. Let's start
with the latest action in the markets. We're seeing continuing rallies today
in Asia but the optimism hasn't extended over to Europe. If we take a look at
how trading is shaping up this morning, we're seeing that the STOXX600 down by
0.4% or so, the FTSE 100 over in London down by about 0.3%, the DAX in Germany
down by 0.4% and the CAC 40 in Paris down by about 0.25%. While we're not
seeing much trading enthusiasm here, it's important to note that volumes tend
to be low during this time of year. And so far in 2019, these markets have all
posted double digit gains. In particular, the CAC 40 is up about 28% so far
this year. The STOXX 600 is up about 24%. These latest moves come after the
S&P 500 and Dow Jones Industrial Average both closed at records on Friday.
Moving to commodities now, oil markets are in focus. The price of crude is
hovering around three-month highs. It's been getting support from a
combination of factors including US crude inventory draw downs, trade optimism
and unrest in the Middle East. Margaret Yang of CMC Markets pointed out that
prices are now at their highest level since the Saudi oil field attack in
mid-September. And Mark Carney is back in the spotlight today. The Governor of
the Bank of England is warning that investments held by millions of people
could be rendered absolutely worthless due to climate change. He's urging
investors and financial services firms to think hard about their holdings in
the fossil fuel industry. He made the comments during an appearance on the
BBC's Today program. The program is being guest edited by the young
environmental activists Greta Thunberg. Moving to big pharma now, the US Food
and Drug Administration has given the go-ahead for cancer treatment from
AstraZeneca and Merck. It's an ovarian cancer drug that can now also be used
to treat advanced pancreatic cancer. AstraZeneca announced the new FDA
approval this morning. To Italy now, the government is delaying the
presentation of its plan to sell at stake in this struggling bank Monte Dei
Paschi. The plan is for the state to offload it's 68% stake in the world's
oldest bank by the end of 2021. This plan was supposed to be submitted to the
EU executive by the end of the year. Italy's Treasury said in a statement it
had asked Brussels for postponement. It noted there's been ongoing dialogue
about operations to de-risk the bank. Now let's take a look at market movers
and shakers for you. EssilorLuxottica said it's discovered fraudulent activity
at a plant in Thailand. That's expected to have a negative impact worth EUR190
million on the spectacles company. The Italian motorway operator Atlantia yet
is down. It's freezing tariffs on its toll roads under pressure from the
government. On the rise, shares and Italian football club AS Roma have touched
a two-year high. Its owners are and talks about a possible sale of the club.
And the Italian agrochemicals group Isagro soared on news that it sold its
Asia business PI Industries of India. And finally, Tesla is basking in the
spotlight today. The electric car company just delivered its very first
Chinese-made Model 3 vehicles. The cars were built and its brand new Shanghai
factory. This is Tesla's first plant outside the United States. Production
started in October. Tesla aims to produce 250,000 vehicles a year. The first
15 customers to get the cars were Tesla employees. That's it from your Reuters
Today. I'm Alanna Petroff and this is Reuters
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