European stock markets high, Deutsche Bank boosts banking sector


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European stock markets high Deutsche Bank boosts banking sector
September 15, 2017. REUTERS/Dado Ruvic/Illustration

European stock markets rose on Wednesday, helped by positive corporate earnings, particularly in the banking sector. The Fed’s final meeting is expected.

The DAX rose 0.5%, the CAC 40 gained 0.4% and the FTSE 100 rose 0.4%.

Many world-class companies in Europe reported earnings on Wednesday, and the results were generally positive.

Deutsche Bank (DE: DBKGn) rose 6% after posting its best quarterly profit since the first quarter of 2014. The strength of the investment bank helped to compensate for the effects of the coronavirus outbreak with its ongoing restructuring program.

Lloyds Banking Group (LON: LLOY) also posted strong results, with its shares gaining 4%. It made a profit of £1.4 billion ($1.9 billion) after-tax, supported by the release of expected loan loss provisions due to the improved economic outlook.

Santander (MC: SAN) said its first-quarter net profit rose almost fivefold. It did not allocate a response associated with Covid-19 as it did a year ago and reported a strong performance in its US unit. Profits fell 0.2% after hitting a 52-week high following this report.

Outside the banking sector: Dassault Systemes (PA: DAST) also rose 0.6% after reporting an increase in both operating profit and first-quarter revenue. Sanofi (NASDAQ:SNY) rose 1.5% after posting stronger-than-expected first-quarter results.

In the UK, the London Stock Exchange (LON: LSEG) rose 1.1%. The group reported a 3.9% increase in total revenue in the first quarter as it continued to integrate its $27 billion acquisition of data and analytics company Refinitiv.

Meanwhile, the Fed’s two-day policy meeting ends On Wednesday, but it is not expected to make any changes to ultra-expansionary monetary policies, despite good news from the economic front in recent months.

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On the data front in Europe, Germany’s GfK consumer sentiment survey was disappointing, falling from -6.1 to -8.8 in May.

Oil prices rose on Wednesday. Investors are trying to digest the effects of the increase in U.S. crude oil inventories with OPEC+’s decision to continue with gradual production growth.

WTI rose 0.3% to $63.12, while Brent rose 0.2% to $66.03.

Gold futures, meanwhile, were down 0.6% at $1,768.40, while EUR/USD was down 0.2% at $1.2068.


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1 month ago

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