European shares rise on trade, Brexit optimism; SAP jumps as CEO steps down

Irish Prime Minister Leo Varadkar said on Thursday a Brexit deal could be clinched by the end of October. Lond
11 Oct, 2019
  • Irish Prime Minister Leo Varadkar said on Thursday a Brexit deal could be clinched by the end of October.
  • London's FTSE 100 shed 0.3pc as shares of export-reliant firms took a beating from a firm sterling.

The pan-European STOXX 600 climbed 0.5pc at 0705 GMT, with shares in Frankfurt rising 0.8pc - the most among its peers.

Germany's SAP jumped 7.4pc after the enterprise software company pre-released a strong set of third-quarter results and said its CEO Bill McDermott is stepping down after a decade at the helm.

SAP shares pushed the technology sector 2.5pc higher, touching a two-month peak.

Bucking the trend higher, London's FTSE 100 shed 0.3pc as shares of export-reliant firms took a beating from a firm sterling.

Irish Prime Minister Leo Varadkar said on Thursday a Brexit deal could be clinched by the end of October, after what he called a very positive meeting with UK Prime Minister Boris Johnson.

Meanwhile, the second day of negotiations between the United States and China aimed at resolving their protracted trade war are set to resume on Friday.

Top negotiators from both sides expressed optimism after Thursday's talks, lifting hopes of a delay in next week's schedule U.S. tariff hike.

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