Egypt's NUCA, SHMFF sign New Cairo land allocation for integrated urban project    CIB named Egypt's Bank of the Year 2025 as factoring portfolio hits EGP 4bn    Egypt declares Red Sea's Great Coral Reef a new marine protected area    Oil prices edge higher on Thursday    Gold prices fall on Thursday    Egypt, Volkswagen discuss multi-stage plan to localise car manufacturing    Egypt denies coordination with Israel over Rafah crossing    Egypt to swap capital gains for stamp duty to boost stock market investment    Egypt tackles waste sector funding gaps, local governance reforms    Egypt, Switzerland explore expanded health cooperation, joint pharmaceutical ventures    Egypt recovers two ancient artefacts from Belgium    Private Egyptian firm Tornex target drones and logistics UAVs at EDEX 2025    Egypt opens COP24 Mediterranean, urges faster transition to sustainable blue economy    Egypt's Abdelatty urges deployment of international stabilisation force in Gaza during Berlin talks    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Europe shares surge as oil rallies; Deutsche Bank continues slide
Amwal Al Ghad Published in Amwal Al Ghad on 19 - 09 - 2016

European stocks traded higher in morning trade on Monday as investors cheered a rally in oil markets and awaited the start of the Federal Reserve's policy meeting this week.
The pan-European Euro Stoxx 600 Index was higher on Monday with all sectors and bourses in positive territory. Oil markets were in focus with prices rising overnight after Venezuela said that OPEC and non-OPEC countries were close to reaching an output stabilizing deal, Reuters reported.
Investors were also looking ahead to a meeting by the U.S. Federal Reserve. The central bank starts a two-day meeting on Tuesday but the chances of a rate hike at this meeting are slim following a deluge of disappointing U.S. data.
"Central banks dominate the week, above all the Fed and the Bank of Japan, though there are also rate decisions in Egypt, Ghana, Indonesia, Kenya, New Zealand, Nigeria, Norway, Paraguay, Philippines, South Africa and Turkey," Marc Ostwald, a strategist at ADM Investor Services, said in a note Monday.
Merkel blow
Meanwhile, New York City remains on high alert after an explosion in central Manhattan injured 29 people in what State Governor Andrew Cuomo called a "clear act of terrorism."
In Germany, Chancellor Angela Merkel's CDU party suffered its second electoral blow in two weeks on Sunday, slumping to its lowest level since 1990 in a Berlin state vote that rejected her open-door refugee policy, Reuters reported. In other news, early polls show Russia's ruling United Party comfortably winning the country's parliamentary elections that took place on Sunday.
Deutsche Bank continues slide
In individual stock news, shares of Weir Group rose 4.9 percent after an analyst upgrade from JP Morgan.
Rolls Royce announced Sunday that it would be cutting 200 management jobs as part of its restructuring; share were up 1.9 percent.
Deutsche Bank shares were down 2.2 percent, extending Friday's losses, after the German lender was asked to pay a $14 billion settlement by the U.S, Department of Justice.
Source: CNBC

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