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Dec 9, 2016

European Markets Closing Report on December 9, 2016: European Stocks End Higher as Investors Eye ECB "Tapering"; BMPS Plummets 14%; Sky Rockets Up 26%

Silvia Amaro, Sam Meredith


FTSE FTSE 6954.21
22.66 0.33% 792143515
DAX DAX 11203.63
24.21 0.22% 107041234
CAC CAC 4764.07
28.59 0.60% 125326237
IBEX 35 IBEX 35 Idx 9169.60
24.20 0.26% 263873646
The pan-European Stoxx 600 provisionally ended 1.02 percent higher on Friday with almost all sectors in positive territory.

Despite the ECB's announcement of further stimulus, bank stocks were down by 0.62 percent at the close. After earlier gains earlier this week, shares of Italian banks dropped on Friday. Unicredit ended down 2.4 percent on what one trader told Reuters was profit-taking after several days of strong gains.
Shares of Monte dei Paschi plummeted 10 percent lower after reports that the ECB had rejected its request for further time to implement a 5 billion euro ($5.4 billion) recapitalization process. This could put pressure on the Italian authorities to rescue the stricken lender.
Sky PLC shares surged on Friday after the British broadcaster was approached with a possible takeover bid from Rupert Murdoch's 21st Centruy Fox. Reuters reported the bid to be in the region of $23.23 billion. Shares jumped 30 percent higher immediately after the news before retreating slightly to close more than 26 percent in positive territory.
Meanwhile in the U.S., the Dow Jones industrial average continued higher and the Nasdaq hit a record high after a remarkable post-election rally continued.
Insurance stocks fell more than 0.7 percent. The Financial Conduct Authority (FCA) published Friday proposals for rules and guidance on payment protection insurance complaints (PPI).
Healthcare stocks were the best performers, jumping 2.4 percent.
In Italy, President Mattarella is consulting with political parties to find a solution to overcome the ongoing political crisis.
U.K. regulators are set to summon Citigroup officials as they investigate a "flash crash" in sterling last October, the Financial Times reported.
OPEC and non-OPEC members are gathering on Saturday to discuss a plan to revamp oil prices. Only five out of 14 non-OPEC members have confirmed their attendance so far.

Which country will have the highest GDP growth in 2017?

Total Votes:
Not a Scientific Survey. Results may not total 100% due to rounding.
Germany reported a 4.1 percent contraction in exports in October. Imports dropped 2.2 percent. As a result, Germany's trade surplus moved from 24.4 billion euros ($25.94 billion) to 19.3 billion euros.