Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European shares close slightly lower despite commodity bounce; central bank meetings loom
Published in Amwal Al Ghad on 12 - 12 - 2017

European markets finished on a mixed note Monday as investors looked ahead to two key monetary policy meetings scheduled for this week.
After fluctuating between gains and losses, the pan-European STOXX 600 closed just below the flatline, off 0.05 percent provisionally. Most sectors closed lower; however, commodity-based sectors, media and banks outperformed.
Looking to bourses, the U.K.'s FTSE 100 rose 0.8 percent by the close, while France's CAC 40 and Germany's DAX ended in the red, off 0.23 and 0.23 percent respectively. The FTSE was boosted by a dip in sterling and a boost in mining stocks.
Banks were one of the sectors that finished on a positive note, with Britain's HSBC closing up 2.5 percent. Shares of the lender were lifted following news that the U.S. Department of Justice would seek dismissal of charges brought against it in 2012. "The Department of Justice has recognized HSBC's progress in strengthening its anti-money laundering and sanctions compliance capabilities over the past five years," HSBC said in a statement.
Overall, the gains in the banking sector were supported somewhat by expectations of higher interest rates. The U.S. Federal Reserve is due to start a two-day meeting Tuesday and the European Central Bank (ECB) is due to meet on Thursday.
Expectations are that the Fed will raise rates one last time this year. Meanwhile, even though it's unlikely that the ECB will alter its policy this week, it's expected to announce new economic forecasts for the region.
Looking to commodities, basic resources rose 1.18 percent, surpassing fellow sectors after news surfaced that Australia's Mineral Resources made a bid for AWE, topping a Chinese offer. Metal prices on the London Metal Exchange were trading mostly higher in Monday's session, with nickel and lead posting strong gains.
Meanwhile, oil and gas stocks rose on the back of an uptick in crude prices. Brent crude posted gains of around 1.5 percent by Europe's close. Technology, travel and leisure, and utilities were the worst performing sectors Monday.
Looking at individual stocks, Steinhoff shares jumped 24.36 percent after three sessions in the red, due to an accounting scandal. Investec said Monday that although it has credit exposure to the South African retailer, it doesn't expect any losses from the accounting scandal.
The CEO of Mediaset, Pier Silvio Berlusconi told news firm Corriere della Sera over the weekend that he hoped the shared interest over TV content with Telecom Italia could lead to a truce with rival firm Vivendi; Reuters reported. On Monday, Vivendi popped 2.7 percent.
Inmarsat meantime tumbled over 8 percent after Goldman Sachs downgraded its rating on the stock to "neutral" from "buy".
Looking overseas, U.S. equities posted minor gains around Europe's close. In morning trade, investors were keeping a close eye on the news, after an explosion near New York City's Times Square on Monday.
A senior New York City Police Department official said that one person was placed in custody following the incident. Police added that the person in custody had sustained a minor injury.
The suspect, was identified as Akayed Ullah, with the NYPD confirming that it is believed a crude bomb was detonated in Port Authority. He and three others suffered injuries that are not life threatening, the NYPD said. Source: CNBC


Clic here to read the story from its source.