EU stocks close higher as US closed for holiday

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European markets closed higher as the US market was closed for the Independence Day Holiday and the UK headed to the polls.

The Stoxx 600 index closed up 0.6 per cent higher. Banks rose 1.3 per cent to lead the gains with most sectors and major bourses trading in positive territory.

The UK’s FTSE 100 index closed 0.9 per cent higher on expectations that the Labour party will easily win a majority mandate.

Yields on U.K. government bonds were slightly higher, with the two-year yield up two basis points to 4.182 per cent. The British pound was near-flat against both the U.S. dollar and the euro.

In European company news, Smith & Nephew popped 6.8 per cent on news activist investor Cevian Capital disclosed a 5 per cent stake in the medical equipment maker.

German manufacturer Continental AG jumped 9.5 per cent to the top of the index after Citi analysts upgraded the stock to a “buy” rating and noted tailwinds for its automotive division in the second quarter.

Meal-kit firm HelloFresh surged 10 per cent on news JP Morgan has removed the stock from negative watch. The investment bank cited stabilising meal-kit trends in North America for its change of outlook.


The SPI futures are pointing to a 0.2 per cent fall.


One Australian dollar at 7.45am was buying 67.25 US cents.


Gold has lost 0.17 per cent. Silver has fallen 0.49 per cent. Copper has gained 0.71 per cent.

Figures around the globe

European markets closed higher. London’s FTSE gained 0.86 per cent, Frankfurt added 0.41 per cent, and Paris closed 0.83 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 0.82 per cent, Hong Kong’s Hang Seng added 0.28 per cent while China’s Shanghai Composite closed 0.83 per cent lower.

Yesterday, the Australian share market closed 1.19 per cent higher at 7,831.84. 

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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