European markets are higher even as the euro sinks
The euro sank after a weaker-than-expected German business survey while Italian stocks led a bounce in equities
London — European markets opened higher on Friday with most stock indices rising modestly after a volatile week in which company earnings and growth worries hit stocks, though the euro sank after a weaker-than-expected German business survey. Italian stocks led the bounce in equities, rallying hard after the country’s bond yields fell after a press report that EU affairs minister Paolo Savona is considering resigning over the government’s decision to challenge EU budget rules. The pan-European STOXX 600 index was up 0.3%. Europe’s performance on Friday stood in contrast to Asia, where steep losses in Chinese markets hit stocks amid lingering trade-war tensions and worries about global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.23% as Chinese blue-chips tumbled 2% and the Shanghai Composite index lost 2.2%. Not all was cheerful in Europe though: German business surveys came in weaker than expected, pushing the euro to its lowest in three days. Eurozone ...
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