Register
Login:
Share:
Email Facebook Twitter

EXCLUSIVE: Video presentations from MySQUAR, My Pay, Consilium and Kryptonite1 are now available here Watch here

EXCLUSIVE: David Lenigas answers investor questions in a detailed interview about UKOG, Doriemus, LGC Capital, AfriAg and Angus Energy.


Finance & Stock Market News


European stocks lifted by rise in banking shares

Mon, 8th Aug 2016 08:45


(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

* Barclays rises on Exane upgrade, boosts banking sector

* PostNL surges after its Q2 results

* Airbus shares fall on UK corruption probe

By Sudip Kar-Gupta

LONDON, Aug 8 (Reuters) - European stock markets rose on Monday, propped up by gains in the shares of major banks.

The pan-European STOXX 600 index rose 0.3 percent, with traders also saying stocks were being supported by a rally on U.S. markets, with the S&P 500 and Nasdaq hitting record highs after strong jobs data on Friday.

The STOXX Europe 600 Bank index advanced 1 percent, helped by a 2.8 percent rise at Barclays after Exane BNP Paribas upgraded Barclays to "outperform" from "neutral".

Shares in Dutch postal service operator PostNL surged 12 percent, the top performer on the STOXX 600 index, after the company confirming its full-year outlook, while analysts also welcomed a surprise improvement in its equity position.

Airbus shares fell 1.7 percent after Britain's Serious Fraud Office launched a formal investigation into suspected fraud, bribery and corruption in connection with its commercial plane sales.

According to data from Thomson Reuters StarMine, 61 percent of companies on the STOXX 600 index have beaten or met forecasts with their second quarter results so far, although those earnings are down 15 percent from last year on average.

"There's plenty of confidence over in the States, and that's been helping Europe, but I'd still be on the defensive side concerning European markets and I'd be looking to sell rallies," said Berkeley Futures' associate director Richard Griffiths.

"There's still much macroeconomic uncertainty in Europe."

While the STOXX 600 has recovered much of the ground lost in the immediate aftermath of Britain's vote in June to quit the European Union, the index remains down by 6 percent so far in 2016.

Andreas Clenow, chief investment officer at ACIES Asset Management in Zurich, echoed Griffiths' view of preferring U.S. to European shares at present.

"The U.S. markets look pretty healthy. We keeping making record highs in the U.S, but the European stock markets look much more sluggish," said Clenow.

(Additional reporting by Wout Vergauwen; editing by John Stonestreet)



(c) Copyright Thomson Reuters 2016. Click For Restrictions - http://about.reuters.com/fulllegal.asp


Related Shares:



Back to Finance News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk




Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.