European markets up after May announces resignation

Miners pushed the Stoxx Europe 600 index higher.

May 24, 2019 10:05 IST India Infoline News Service

Shares of European markets were trading higher on Friday after UK Prime Minister Theresa May laid out a timetable to quit.

Miners pushed the Stoxx Europe 600 index higher, while futures on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 also rose in the wake of steep declines a day earlier.

Shares in Asia edged higher, with Chinese equities little changed and Indian stocks rebounding. Despite the gains, a gauge of global equities is headed for a third straight weekly drop, its longest losing streak of the year.

On the currency front, Sterling fluctuated in a range before settling higher after May announced she will step down as party leader June 7. The rally in sovereign bonds showed signs of easing after yields on 10-year Treasuries touched the lowest since 2017. 

Meanwhile, ahead of a long weekend for both the U.S. and U.K., concerns are mounting that the trade dispute could cripple global growth, with disappointing American factory data Thursday hinting at the fragility of the expansion. After the close on Wall Street, President Donald Trump said that Huawei Technologies Co., which was put on a U.S. blacklist earlier this month, could be part of any trade pact with China.

Source: Bloomberg

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