European stocks surge higher as sterling rebounds

Fawad Maqsood December 11, 2018

LONDON: European stocks charged higher on Tuesday, rebounding from the previous day’s sharp downturn as bargain hunters, emboldened by solid US markets, pushed aside a plethora of global worries.

“European equities are broadly higher in afternoon action, in the wake of yesterday’s battle back in the US,” said analysts at Charles Schwab.

Wall Street on Tuesday added to the previous day’s late surge, rising by about one percent in early New York business.

The British pound also enjoyed a modest rebound as British Prime Minister Theresa May scrambled to rescue the UK’s Brexit deal.

British unemployment data supported a recovery in the pound, in particular as they came with an unexpected wage rise, said David Cheetham, chief market analyst at traders XTB.

“Having said that, this data pales into insignificance compared to the latest Brexit developments as far as the markets are concerned and on this front the ongoing uncertainty leaves the pound vulnerable to further declines,” Cheetham added.

Copyright AFP (Agence France-Press), 2018

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