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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 8,424.20 | 8,424.20 | 8,424.20 | 8,424.20 | 0 | 01:00:00 |
By Carla Mozee, MarketWatch
Stoxx Europe 600 aiming for best month in nine
European stocks pushed higher Friday, with banking shares faring well ahead of the release of stress-test results for the industry, leaving the market to march toward its best monthly performance in nine months.
The Stoxx Europe 600 rose 0.4% to 340.94, led by strength in the financial sector as bank shares moved up. The Stoxx Europe 600 Banks index rose 2.6%.
Lenders: Shares of Italian and Spanish banks were advancing. Italy's Banca Monte dei Paschi di Siena SpA (BMPS.MI) shares jumped 5.9% after the embattled bank said it received proposals related to its business (http://www.marketwatch.com/story/monte-dei-paschi-receives-proposal-from-ubs-2016-07-29) from Swiss bank UBS AG, as well as from a prominent former bank executive and government minister in Italy.
Monte dei Paschi's directors are slated on Friday to approve the bank's first-half earnings.
In Madrid, Banco Bilbao Vizcaya Argentaria SA shares (BBVA) (BBVA) climbed 4.1% as the lender's decline in second-quarter profit (http://www.marketwatch.com/story/bbva-profit-drops-82-but-beats-forecasts-2016-07-29) was less than had been anticipated by analysts.
Meanwhile, UBS climbed 2.4% after the lender's second-quarter profit decline was less than had been anticipated (http://www.marketwatch.com/story/ubs-earnings-decline-but-surpass-expectations-2016-07-29). Barclays PLC (BCS) (BCS) surged to the top of the Stoxx 600, climbing 8% as the British lender reassured investors about its strategy (http://www.marketwatch.com/story/barclays-profit-slips-on-hit-from-asset-sales-2016-07-29) in the wake of the U.K.'s vote last month to leave the European Union.
Bank executives and investors will look for the results of stress tests for 51 banks (http://www.marketwatch.com/story/europe-stress-test-results-to-put-spotlight-on-italys-troubled-banks-2016-07-28) from the European Banking Authority, due late Friday. The tests are aimed at revealing which lenders may need more capital to ride out a potential new economic crisis. Results for Italy's troubled banks will be in particular focus for investors.
It "could be in Italy's interest for [Monte dei Paschi] to fail these tests as Rome could then invoke a rule ... that would help protect bondholders from losses -- something that the Italian government is desperate to avoid," said Neil Wilson, markets analyst at ETX Capital, in a note.
"If it can get away with a bailout that shields investors it will be a win for [Italian Prime Minister Matteo] Renzi's government. And European Central Bank boss Mario Draghi seems not entirely chilly to the idea, saying earlier this month he backed a bail out in 'exceptional circumstances'", said Wilson.
The Stoxx Europe 600 was moving toward a July rise of 3.3%, which would be its largest monthly gain since a nearly 8% rise in October 2015, according to FactSet data. The index was on track for a weekly rise of 0.2%.
Economic data: Stocks were little changed after data from the European Union's statistics agency showed the eurozone's gross domestic product expanded 0.3% (http://www.marketwatch.com/story/eurozone-economy-loses-steam-inflation-stays-low-2016-07-29) in the second quarter, slower than first-quarter growth of 0.6%. The preliminary reading of second-quarter GDP did match expectations. Meanwhile, the flash inflation reading for July was 0.2%, higher than expectations of a 0.1% rise.
Some of the eurozone's GDP slowdown stemmed from an unexpected stall in French economic activity (http://www.marketwatch.com/story/french-economic-growth-stalls-unexpectedly-2016-07-29).
Indexes: Spain's IBEX 35 leapt 1.5% to 8,605.20 and Italy's FTSE MIB tacked on 2.2% at 16,871.42.
Germany's DAX 30 rose 0.3% to 10,307.76 and France's CAC 40 edged up 0.1% to 4,425.34. The U.K's FTSE 100 was swinging between gains and losses, recently shedding 0.1% at 6,713.20 (http://www.marketwatch.com/story/ftse-100-dips-but-barclays-gains-on-brexit-reassurance-2016-07-29).
The euro was buying $1.1115 compared with $1.1075 late Thursday in New York.
(END) Dow Jones Newswires
July 29, 2016 08:19 ET (12:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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