Spanish stocks extend gains as Catalan crisis fades

In midsession deals, the Spanish capital's benchmark IBEX 35 index was up by around 0.7 percent, off earlier highs, having fizzed 2.44-percent higher the previous day.

Spanish stocks extend gains as Catalan crisis fades

World Bulletin / News Desk

The Madrid stock market rallied Tuesday on the fading prospect of Catalan independence, helping other European bourses higher, dealers said.

London and Paris stock markets each posted smaller gains, while Frankfurt was closed for a German public holiday.

"Spanish stocks have enjoyed another leg higher today, with the IBEX 35 hitting its highest level since August as the Catalan independence push has seemingly lost its way," said analyst David Cheetham at trading firm XTB.

"After declaring independence on Friday, the former regional leaders have experienced a backlash with large protests against secession seen in Barcelona over the weekend and the imposition of direct rule from Madrid yesterday."

Catalonia's deposed separatist leader Carles Puigdemont was meanwhile set to hold a press conference in Brussels later Tuesday, members of the European Parliament said, a day after he arrived in Belgium as Spanish prosecutors demanded he be charged with rebellion.

Wall Street was a touch firmer shortly after the opening bell, in a slight recovery from Monday's losses.

Back in London, chemicals group Croda International's shares rose sharply on upbeat third-quarter earnings.

Similarly, BP stock also jumped after the energy major logged a modest increase in third-quarter net profits, anchored by recovering oil prices.

In Paris, the top winner was top European planemaker Airbus. Stocks soared more than four percent after the aerospace giant logged rising third-quarter net profit and revenues.

Airbus warned however that investigations into fraud, bribery and corruption by the French and British authorities could impact earnings.

Ryanair shares jumped over six percent as the Irish airline stuck to a full-year profits forecast despite cancelling thousands of flights on a pilot shortage.

Last Mod: 01 Kasım 2017, 00:48
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