EUROPE MARKETS: Total, HSBC Help European Stocks Claw Back Lost Ground
November 21 2018 - 2:09PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Emily Horton
Italy lags gains as EU set to sanction government over
budget
European stocks finished higher Wednesday, clawing back lost
ground from a global equity rout driven by Wall Street a day
earlier as oil and banking stocks pitched in to boost the Stoxx
Europe 600 index.
How are the markets performing?
The Stoxx Europe 600 rose 0.5% to 352.81, after closing down
1.2% on Tuesday.
The FTSE 100 rose 1.5% to close at 7,050.23, while the German
DAX 30 (DAX) climbed 1.6% to finish at 11,244.71 and the French CAC
40 index (PX.V) rose 1% to 4,975.50.
The British pound was last trading at $1.2800 up from $1.2789
late Tuesday in New York. The euro rose to $1.1410 on Wednesday,
versus $1.1370 late Tuesday.
What drove stocks?
Doubts about holiday sales and the chip sector drove the brutal
U.S. tech stock selloff and it bled into the European markets.
Meanwhile, Italy was in the spotlight after the European Union said
it may sanction the country's government
(https://news.google.com/articles/CBMigQFodHRwczovL3d3dy5ldXJhY3Rpdi5jb20vc2VjdGlvbi9lY29ub21pYy1nb3Zlcm5hbmNlL25ld3MvaXRhbHlzLXJldmlzZWQtYnVkZ2V0LWRpZC1ub3QtZGlzcGVsLWNvbmNlcm5zLWV1cm9ncm91cC1wcmVzaWRlbnQtc2F5cy_SAQA?hl=en-US&gl=US&ceid=US%3Aen)over
a budget that breaches EU rules.
What stocks were active?
As oil prices rebounded along with broader markets, shares of
heavily-weighted Total SA (TOT) (TOT) ended 1.1% higher and Royal
Dutch Shell Group PLC (RDSA.LN) (RDSA.LN)(RDSA.LN) gained 2.3%.
Banking major HSBC Holdings PLC (HSBA.LN) (HSBA.LN) rose 2.7%,
while Banco Santander SA (SAN)(SAN.MC) added 1.8%. Shares of
Deutsche Bank AG (DBK.XE) rose 2%.
(END) Dow Jones Newswires
November 21, 2018 14:54 ET (19:54 GMT)
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