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Nov 17, 2016

European Markets Closing Report on November 17, 2016: European Stocks Close Higher; Yellen Hints at Rate Hike

cnbc.com
 
Arjun Kharpal, Sam Meredith
 
European stocks closed higher on Thursday as traders paused for breath after U.S. bond yields pulled back and Federal Reserve Chair Janet Yellen hinted at a U.S. rate hike "relatively soon".

Trump policies in focus




 


FTSE FTSE 6798.13
48.41 0.72% 574675401
DAX DAX 10685.20
21.33 0.20% 76851534
CAC CAC 4524.73
23.59 0.52% 66676402
IBEX 35 IBEX 35 Idx 8713.10
74.60 0.86% 204011375
The pan-European STOXX 600 was provisionally 0.68 percent higher at the close, reversing earlier losses. All stocks ended higher and the basic resources sector outperformed its peers, climbing more than 1.6 percent.
Meanwhile in the U.S., the Dow Jones industrial average was mixed as investors digested comments from Janet Yellen. The Federal Reserve chair resisted temptation to discuss the U.S. election although declared she did not want to see the clock turned back on financial regulation.
Yellen said, "Many of the appropriate reforms to the financial sector are embodied in Dodd-Frank."
The Dodd-Frank Act has placed regulation on the financial system in order to safeguard it against detrimental effects.

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Comments from Fed officials appear to suggest that the central bank hasn't decided yet what Trump's policies mean for monetary policy. Philadelphia Fed President Patrick Harker said on Wednesday that "it's too early to assess" the impact of Trump, while Cleveland Fed President Loretta Mester added that "extreme volatility would" force her to reassess policy, but "everyday movements" in asset prices is not "troubling".
Meanwhile, a slight dip in oil prices is also weighing on investor sentiment. Crude oil futures fell on Thursday after inventories in the U.S. rose by a larger-than-expected figure.

Rio Tinto axes top execs

In European business news, Rio Tinto fired two top executives over a probe in a $10.5 million payment linked to deal it won to develop an iron ore mine in Guinea. Shares were trading in positive territory.
Sticking with the mining space, Anglo American shares were higher despite announcing on Wednesday that it was suspending all operations at its Los Bronces copper mine in Chile after protests at the site.
On the earnings front, Ahold Delhaize reported third-quarter core earnings that missed analyst expectations, sending shares sharply lower.
Zurich Insurance was in the black after it said it aims to maintain an annual dividend of 17 Swiss francs ($16.95) and cut costs further.
And Swiss private bank Julius Baer reported its assets under management rose 9 percent in the 10 months of 2016, sending shares mildly higher.