European stocks rise to support the auto sector … and profit-taking drops by “Japanese”


European stocks rose yesterday, as a jump in the shares of the new car industry giant “Stilantis” and the luxury goods sector helped the market recover from losses in early trade, sparked by concerns about economic recovery and a loss suffered by the French retailer “Carrefour”.
According to “Reuters”, the European Stoxx 600 index closed up 0.2 percent, after fluctuating during the session.
The German DAX index rose 0.4 per cent, supported by a 4.8 per cent jump for “Adidas”, while the British FTSE 100 index fell 0.2 per cent, affected by losses for energy and travel stocks. The French CAC 40 index rose 0.1 percent.
Shares of luxury brands such as Richmont and LVMH were among the biggest supporters of the STOXX 600 index.
Italian stocks outperformed, as Stilantis shares jumped 7.6 percent on their first trading day after completing a $ 52 billion merger between Fiat Chrysler and PSA Cars.
The share of “Carrefour” fell 6.9 percent after the failure of a 16.2 billion euros (19.6 billion dollars) acquisition offer by its Canadian rival, “Alimentation Koch – Tar” at the weekend.
On the other hand, Japanese stock prices fell yesterday, as investors deliberately sold to reap profits from recent gains, especially in shares related to the semiconductor sector, following the rapid rise in the market to a 30-year peak earlier this month.
The Nikkei index fell 0.97 percent to close at 28242.21 points, moving away from the 30-year high of 28979 points that touched it last week. But the index is still up 2.9 per cent this month.
The broader Topix index lost 0.60 percent to 1,845.49 points.
Semiconductor stocks came under pressure after a report from “Reuters”, that the Trump administration notified suppliers of “Huawei”, including “Intel”, to withdraw certain licenses to sell components to the Chinese telecommunications equipment company and its intention to reject dozens of other requests to supply it. In addition, stock markets in the Gulf region closed higher yesterday, and the Abu Dhabi index witnessed its best session in more than nine months, led by the shares of First Abu Dhabi Bank, the largest bank in the UAE.
According to “Reuters”, the Abu Dhabi index advanced about 4 percent to 5490 points.
And First Abu Dhabi Bank shares jumped nearly 8 percent. Abu Dhabi Commercial Bank rose about 5 percent.
The Dubai index rose 1.2 percent to 2726 points, led by Emaar Properties rising 1.5 percent, and Emirates NBD Bank 0.9 percent.
In Qatar, the index closed unchanged at 10863 points.
The Bahrain index rose 0.1 percent to 1454 points. The Muscat index advanced 0.04 percent to score 3,644 points. The Kuwait index rose 0.3 percent to 6187 points.


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