Economic news

European shares close slightly higher helped by banks

European stocks dropped in early exchanging on Tuesday, hauled by sell-off in defensive parts and on poor China numbers that fed recession concerns in front of the ECB's financial arrangement meeting later during the current week.

ecbPhoto: Flickr

The pan-European shares benchmark equity indicator STOXX 600 lost 0.6 percent with all main nation equity indicators in the negative territory. The equity indicator was on its way to post its weakest session in over about fourteen days.

Eurozone stocks .STOXXE also slipped as traders concentrated on the ECB's appointment on Thursday, when it is generally expected to trim its deposit rate unprecedentedly since 2016 and restart an asset buy program.

Defensive divisions, for example, medicinal services .SXDP, utilities .SX6P and food and drinks .SX3P were among the greatest losers.

European banks .SX7P posted the biggest advancement, driven by London banks Barclays, Standard Chartered Bank, and RBS. Swiss bank UBS Group gained 2 percent after Kepler Cheuvreux updated the share to "buy".

Eurozone banks were exchanging unchanged following rising 1.3 percent prior in the session. They have advanced 9 percent in the previous five days in perhaps the firmest rally since April 2017.

Anticipations for a boost from worldwide national banks were reinforced on Tuesday after poor factory numbers from China indicated rates contracted in August at their quickest pace in three years.

Tech stocks .SX8P, a key development segment, dropped 1.3 percent, following their U.S. peers lower.

On the corporate side, JD Sports bested the STOXX 600 after it announced higher first-half pretax benefit, helped by more interest for gym clothing and premium branded design.


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