EUROPE MARKETS: Banks Pace European Stock Market Rise
19 Settembre 2019 - 11:13AM
Dow Jones News
By Steve Goldstein, MarketWatch
Banks led European stock markets higher on Thursday, as central
banks across the globe loosen monetary policy while making it
easier for lenders to obtain short-term financing.
After European markets closed on Wednesday, the Federal Reserve
cut interest rates
(http://www.marketwatch.com/story/fed-lowers-interest-rate-by-a-quarter-point-many-on-panel-see-another-cut-this-year-2019-09-18)
and Chairman Jerome Powell said the Fed would just temporary open
market operations to cap overnight interest rates for the
foreseeable future. The Swiss National Bank on Thursday held
interest rates at -0.75% and made a change that would make parking
reserves at the central bank less costly for banks.
The European Central Bank took a similar step last week. Even
the one central bank that hiked rates, the Norges Bank of Norway,
cut its view of how high interest rates will go in the future. No
change from the Bank of England is expected when the latest
interest rate decision is announced at 7 a.m. Eastern, or noon
local time.
The Stoxx Europe 600 index added 0.35% to 390.76, with gains for
lenders including the Bank of Ireland (BIRG.DB) , Commerzbank
(CBK.XE) and Bankia (BKIA.MC) .
The German DAX added 0.24% to 12419.31, the French CAC 40 gained
0.42% to 5644.34 and the U.K. FTSE 100 increased 0.24% to
7331.34.
Of other companies in the spotlight, U.K. retailer Next (NXT.LN)
fell over 4% after holding its outlook for the year for 0.3% pretax
profit growth. First-half pretax profit rose 2.7% on 3.7% sales
growth.
IG Group (IGG.LN) rallied nearly 9% as the U.K.-based trading
platform said fiscal first-quarter revenue was flat and that the
business "performed well" as it grew active clients and client
trading activity.
Spectris, maker of scientific instruments (SXS.LN) rose 5% after
reaching a deal to sell its BTG Group, a provider of services to
the paper industry, to Voith GmbH for EUR319 million.
(END) Dow Jones Newswires
September 19, 2019 04:58 ET (08:58 GMT)
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