Driven by the euro surge and gloomy report from Credit Suisse AG, most European stocks dropped on Thursday, thus affecting German shares.
The Stoxx Europe 600 decreased 0.9% at 327.05, the lowest value since January. The index rose by 1.1%, backed up by leaps in commodity shares, as the greenback dropped against the euro, yen and other currencies.
The dropping dollar affected resource shares. Meanwhile, a surge in the major European currency above $1.12 weighed on stocks of exporters. That especially applies to those dealing with the export-oriented German economy. In Frankfurt, the DAX 30 sagged 1.3%, the worst value since December, 2014.
Stocks of BMW AG dropped 2.9%. A software maker SAP SE lost about 2%. Then, Daimler AG decreased 4.2%. In France, stocks of car maker Peugeot SA dropped 4.2%, trading somewhere at the bottom of CAC 40. The index dipped to 4,216.29, which is a 0.3% decrease.
The surge of commodity shares appeared to be a real boon for Britain’s FTSE 100, which grew to 5,885.37 or 0.8%.
Stocks continued rising after Mark Carney, the Bank of England Governor said at his press-conference that the upcoming move for Britain’s interest rates would probably be up, and not down. The British pound traded above $1.46 against the greenback.