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Asian Markets at Close Report

European Markets at Close Report

Aug 29, 2016

European Markets at Close Report by CNBC on August 29, 2016: European Stocls Close Lower After Fed Comments; Oil Slides

cnbc.com
 
Arjun Kharpal
 
European stocks closed lower on Monday as crude oil futures fell and the U.S. dollar strengthened after hawkish comments from U.S. Federal Reserve Chair Janet Yellen on Friday.



 


FTSE FTSE 6838.05
21.15 0.31% 532511213
DAX DAX 10550.24
-37.53 -0.35% 26391587
CAC CAC 4427.45
-14.42 -0.32% 38939076
IBEX 35 IBEX 35 Idx 8614.70
-44.80 -0.52% 63382862

Most major European bourses were all lower on Monday. Germany's DAX was down 0.5 percent in afternoon trade, while the French CAC was down around 0.7 percent. London's FTSE 100 was closed for a public holiday.
Yellen said the case for a rate hike had "strengthened in recent months" pointing towards the "solid performance" of the labor market in a speech at the annual Jackson Hole gathering of central bankers on Friday.
U.S. stock indexes opened slightly higher on Monday.

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Fed Vice Chairman Stanley Fischer backed up Yellen's view in an interview with CNBC. Asked whether there could be a rate hike next month and more than one this year, Fischer said that Yellen's comments were "consistent with answering yes to both" of the questions.
Asian markets were broadly lower with the negativity spilling into Europe. The stronger dollar, which was bolstered by Yellen's comments, also weighed on oil prices.

Stocks to watch

In individual stock news, shares of France's Alstom rallied by over 3 percent after the engineering firm was awarded a $2 billion contract by Amtrak to supply new high-speed trains.
Roche shares reacted positively after the Swiss pharmaceutical giant said it received emergency use authorization for its Zika virus test by the U.S. Food and Drug Administration (FDA).
Norwegian oil major Statoil announced plans to cut costs at its Sverdrup oil field while raising output. Shares in the firm were higher in early trade before reversing gains to trade flat.
And the Financial Times reported that Poland's PZU is confident about reaching a deal to buy UniCredit's Pekao bank by the end of October. Shares in the firm reversed gains to trade lower.