European shares fell from 20-month highs on Thursday as weaker banks weighed, with the broader market little moved by a widely expected European Central Bank decision to stand pat on policy.[MILAN] European shares fell from 20-month highs on Thursday as weaker banks weighed, with the broader market little moved by a widely expected European Central Bank decision to stand pat on policy.
Deutsche Bank shares fell 3.7 per cent as a fall in first-quarter revenues disappointed, even though net profit more than doubled due to a rebound in bond trading.
A 6 per cent drop in Spain’s Banco Popular added to underperformance in euro zone banks, down 1.8 per cent.
The pan-European Stoxx 600 index fell 0.2 per cent, after hitting a 20-month high in the previous session.
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Europe: Shares stride into May as earnings power gains, Stocks
[LONDON] European shares kicked off the first trading day of May with gains underpinned by healthy corporate earnings, and manufacturing data added to evidence of a robust underlying economy in the region.
sentifi.com Market voices on:Brokers were watching the first-quarter results season as a crucial factor in their argument for European equities’outperformance.
Overall, for the first quarter earnings in Europe are seen growing 13.9 per cent, according to Thomson Reuters I/B/E/S.
With about a third of the MSCI Europe having reported first-quarter results, corporate profit growth in the region was running neck-and-neck with the healthy clip seen in the United States.
Jyske Bank underperformed Europe’s financials, down 3.5 per cent after the Danish lender posted first-quarter results with weaker net interest income and capital ratio.
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Europe: Shares rally as Italian, French banks soar after Macron win, Stocks
Brokers including Goldman Sachs, Citi and Kepler Cheuvreux all came out heavily in favour of European banks on Monday morning.
[MILAN] European shares rallied, banks soared, and French blue-chips briefly hit a nine-year high on Monday after France’s presidential election sparked a rush to risky assets.
The euro briefly vaulted to five-month peaks and French bond yields fell to multi-month lows, halving the French/German two-year bond spread.
Its FTSE MIB soared 4.8 per cent to its highest since January 2016, driven by strong gains in banks which jumped 9.1 per cent.
Investors cheered the first-round result of France’s presidential election, which saw centrist Emmanuel Macron take a big step towards leading his country.