European stocks set for best month this year, Volkswagen falls
Reuters
Published Sep 29, 2017 03:34AM ET
European stocks set for best month this year, Volkswagen falls
LONDON (Reuters) - European stocks headed for their best monthly gains this year on Friday as the third quarter drew to a close, while Volkswagen shares sank after the German carmaker said it had to increase provisions for settlements in North America.
A weakening euro has taken pressure off Europe's equities and the exporter-heavy DAX especially, and helped investors find renewed enthusiasm for the asset class after the slow summer months.
The pan-European STOXX 600 (STOXX) steadied at a two-month high, while euro zone stocks (STOXXE) hit their highest in three months, on track for a quarterly gain after falling back in the second quarter.
Volkswagen (DE:VOWG_p) shares dropped 3.5 percent after the car manufacturer said it was increasing its provisions for settlements in North America over its diesel cheating scandal.
Porsche (DE:PSHG_p) shares also fell 3.2 percent.
Dutch bank ABN AMRO (AS:ABNd) rose 2.1 percent after Morgan Stanley (NYSE:MS) raised its rating on the stock, saying it expected dividend payouts to increase.
Covestro (DE:1COV) gained 2 percent after Bayer (DE:BAYGn) further reduced its holding in the plastics producer to under 25 percent.
An upgrade to "outperform" from Exane BNP analysts boosted satellite communications firm Eutelsat (PA:ETL) up 2.5 percent.
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Written By: Reuters
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