Economic news

European stocks recover as Turkey’s lira shows signs of steadying

European stocks rebounded in morning deals on Tuesday after two sessions of heavy selloff as traders’ fears over contagion from a Turkish currency crisis eased slightly, due to comments from the central bank and government.

Photo: Reuters

The pan-European STOXX 600 surged 0.6 percent to 387.

Frankfurt’s DAX 30 gained 0.7 percent to 12,440.47, while Paris CAC 40 added 0.4 percent to 5,433.01, after a drop of about 0.1 percent on Monday. The U.K.’s FTSE 100 rose 0.2 percent to 7,653.49, following a 0.3 percent decline in the previous session.

Banking sector had been the worst affected by worries over Turkey, taking the index to a 21-month nadir.

Antofagasta led the decline as its shares dipped 4.1 percent after the Chilean copper producer said its first-half earnings slumped due to weaker ore quality and higher costs, while trade tensions were likely to hit demand.

Shares in Siltronic sank 4.8 percent, with investor saying Citi downgraded its recommendation on the stock to “neutral”.


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