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Mar 21, 2019

Europe Markets Closing Report | European stocks mixed amid Fed, BOE rate decisions; Deutsche Bank slips over 3%


Sam Meredith ,Ryan Browne


European stocks are enjoying mixed fortunes Thursday, after the U.S. Federal Reserve’s abandonment of all plans to raise interest rates this year.
The pan-European Stoxx 600 was barely below the flatline during late afternoon deals, with sectors and major bourses pointing in different directions. London’s FTSE 100 was among the standout indexes in the black, rising over 0.8 percent amid a slide in the British pound.

European Markets: FTSE, GDAXI, FCHI, IBEX

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
FTSEFTSE 100FTSE7353.1862.170.85440363785
DAXDAXDAX11552.65-51.24-0.4459086346
CACCACCAC5382.14-0.52-0.0144322131
Stocks initially turned south on the back of the Fed’s decision to pause rate hikes for the year amid signs of an economic downturn. The U.S. central bank also said it would halt the decline of its balance sheet in September. But equities began to pare losses as markets stateside rose, buoyed by an uptick in Apple shares.
In the U.K., the Bank of England (BOE) held interest rates steady on Thursday, as widely expected. The decision comes amid intensifying uncertainty over Britain’s departure date from the European Union.
In terms of sectors, Europe’s banking index slipped more than 1 percent. Germany’s two largest banks were among the worst performers, amid concerns a Deutsche Bank and Commerzbank merger could pressure Deutsche to further shrink or even dispose of its U.S. business. Shares of both banks were down over 3 percent.
Looking at individual stocks, Britain’s Merlin Entertainments tumbled close to the bottom of the index. Shares of the company fell more than 6 percent after Berenberg cut its stock recommendation to “sell” from “hold.”
Brexit chaos
British Prime Minister Theresa May told the public on Wednesday that she is “on their side” amid Brexit negotiations, laying the blame for the country’s delayed exit squarely with Parliament.
The embattled prime minister said British citizens were “tired of infighting and political games” and it was “high time” U.K. lawmakers decided on the next steps.
Earlier on Wednesday, May had written to European Council President Donald Tusk to formally request to delay Brexit until June 30. Until the law is changed, Britain is scheduled to leave the EU next Friday.
President Donald Trump warned on Wednesday that Washington would be prepared to leave tariffs on Chinese goods for a “substantial period ” to ensure Beijing’s compliance with any trade deal. Trade talks between the world’s two largest economies are expected to resume next week.

Source: CNBC

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