UK, France Stocks Surge, Russia, German Shares Fall Amid Fears Over Ukraine, Gaza

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UK, France Stocks Surge, Russia, German Shares Fall Amid Fears Over Ukraine, Gaza

The FTSE 100 of UK edged higher at the close of markets on Friday after Wall Street soared, although investors remained concerned in the wake of tensions over the Malaysian jet that was shot down in Ukraine and Israel’s aggression in Gaza.

The blue-chip stocks’ gauge in London reclaimed its early losses to close trading 11 points higher or 0.17% at 6,749. CAC 40 of France advanced but Germany’s DAX 30 dropped 0.45%.

The airliner tragedy escalated tensions that had already been fueled by additional US and EU measures against Russia. The entry of Israel’s ground troops in Gaza also stocked concerns.

As the week ended, there was increased concerns, despite the CBOE Volatility Index (VIX), a core gauge of market anticipation of near-time volatility indicated by S&P 500, decreasing 14% after surging 32% on Thursday.

According to Bloomberg, UK media stocks were pushed higher by ITV Plc and British Sky Broadcasting Plc. Royal Bank of Scotland Plc retreated 1.4% as the small-business lending sector faced probe by an anti-trust regulator.

Wall Street soared backed by Google and IBM results that surpassed expectations, cancelling out geopolitical tensions.

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“The emphasis is on the positive this morning. That is of course subject to change as the day progresses since the details surrounding the shooting down of the passenger jet, and Israel’s incursion into Gaza, are still being sorted out,” Patrick O’Hare of Briefing.com in US is quoted by the Telegraph as saying.

In Russia, the rouble-denominated Micex gauge of equities tumbled 1.3% and the dollar-based RTS measure plunged 1.75%.

Stocks in top Russian firms slid, with airline Aeroflot losing 5pc after the company curtailed some of its flights to Ukraine. Oil company Rosneft, which is targeted by new sanctions against Russia, slid further 0.8%. Gazprom, which provides Europe with energy shipments lost 0.8%.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com