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European stocks clock first weekly rise in four

Saturday, September 10, 2022
European stocks clock first weekly rise in four © Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 7, 2022. REUTERS/Staff

By Shreyashi Sanyal and Sruthi Shankar

(Reuters) -European stocks marked their first weekly rise in four on Friday, boosted by a surge in banking shares on expectations of further monetary policy tightening by the European Central Bank, while soaring metal prices lifted mining stocks.

The pan-European STOXX 600 index rose 1.5% to close at over one-week highs.

European stocks briefly shed gains in afternoon trading following reports that ECB policymakers are likely to kick off a debate next month about whittling down the 4-trillion-euro bond pile.

That comes a day after the central bank raised its key rates by an unprecedented 75 basis points (bps) and promised further hikes. Several money houses are forecasting another 75 bps rate hike in October.

Euro zone banks, rocked by worries over their profitability in a low interest rate environment, jumped 3.2% to mark their biggest percentage gains in almost two months. The index is still down 16.3% year-to-date.

"Traders are in risk-on mood even though yesterday there was a rate hike from the ECB and hawkish commentary from (Fed Chair) Jerome Powell," said David Madden, market analyst at Equiti Capital.

"It is possible that dealers are getting used to the idea of interest rates being increased, and elevated bond yields."

Miners jumped 3.0% as a softer dollar and fresh stimulus for China's slowing economy boosted prices of industrial metals and iron ore. [MET/L] [IRONORE/]

Investors are focussed on a meeting of European Union countries' energy ministers later in the day, where they will figure out solutions from a long list of possible measures to shield citizens from sky-high energy prices as winter approaches.

While the STOXX 600 managed to end the week 1.1% higher, investors doubt whether the rally can be sustained as Russia turns off its gas taps to Europe indefinitely amid a brewing cost-of-living crisis in the region.

"We remain negative on European equities given a backdrop of heightened geopolitical/energy uncertainty at the same time as central banks are tightening policy into an economic slowdown," Morgan Stanley (NYSE:MS) analysts said in a note.

Telecom Italia (BIT:TLIT) (TIM) shares rose 2.8% as sources close to the matter said it is close to kicking off a process to sell a minority stake in its enterprise service arm.

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03-10-2022 17:27:50 (UTC+7)

EUR/USD

0.9785

-0.0014 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

EUR/USD

0.9785

-0.0014 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.1201

+0.0041 (+0.37%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

145.07

+0.32 (+0.22%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.6449

+0.0047 (+0.74%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.3764

-0.0062 (-0.45%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

EUR/JPY

141.96

+0.12 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9682

+0.0011 (+0.12%)

Summary

↑ Buy

Moving Avg:

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Sell (2)

Indicators:

Buy (9)

Sell (0)

Gold Futures

1,672.35

+0.35 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

Silver Futures

19.372

+0.333 (+1.75%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Buy (7)

Sell (1)

Copper Futures

3.3740

-0.0385 (-1.13%)

Summary

↑ Buy

Moving Avg:

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Crude Oil WTI Futures

82.83

+3.34 (+4.20%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

88.57

+3.43 (+4.03%)

Summary

Neutral

Moving Avg:

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Natural Gas Futures

6.626

-0.140 (-2.07%)

Summary

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Moving Avg:

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Indicators:

Buy (1)

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US Coffee C Futures

220.80

-0.75 (-0.34%)

Summary

Neutral

Moving Avg:

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Sell (7)

Indicators:

Buy (4)

Sell (4)

Euro Stoxx 50

3,290.65

-27.55 (-0.83%)

Summary

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Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

S&P 500

3,585.62

-54.85 (-1.51%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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DAX

12,029.90

-84.46 (-0.70%)

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Moving Avg:

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FTSE 100

6,849.85

-43.96 (-0.64%)

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Sell (2)

Hang Seng

17,079.51

-143.32 (-0.83%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,667.27

-7.66 (-0.46%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (1)

Sell (6)

IBEX 35

7,348.01

-18.79 (-0.26%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (6)

Sell (1)

BASF SE NA O.N.

40.190

+0.590 (+1.49%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Sell (3)

Bayer AG NA

47.53

+0.12 (+0.25%)

Summary

Neutral

Moving Avg:

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Sell (5)

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Sell (8)

Allianz SE VNA O.N.

160.10

-1.70 (-1.05%)

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Moving Avg:

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Adidas AG

116.44

-2.44 (-2.05%)

Summary

Neutral

Moving Avg:

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Sell (4)

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Sell (3)

Deutsche Lufthansa AG

5.590

-0.328 (-5.54%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Siemens AG Class N

98.47

-2.73 (-2.70%)

Summary

Sell

Moving Avg:

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Deutsche Bank AG

7.391

-0.255 (-3.34%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (9)

Sell (1)

 EUR/USD0.9785↑ Buy
 GBP/USD1.1201↑ Buy
 USD/JPY145.07↑ Sell
 AUD/USD0.6449↑ Buy
 USD/CAD1.3764↑ Sell
 EUR/JPY141.96↑ Buy
 EUR/CHF0.9682↑ Buy
 Gold1,672.35↑ Buy
 Silver19.372↑ Buy
 Copper3.3740↑ Buy
 Crude Oil WTI82.83↑ Buy
 Brent Oil88.57Neutral
 Natural Gas6.626↑ Sell
 US Coffee C220.80Neutral
 Euro Stoxx 503,290.65↑ Buy
 S&P 5003,585.62↑ Sell
 DAX12,029.90↑ Buy
 FTSE 1006,849.85↑ Buy
 Hang Seng17,079.51↑ Buy
 Small Cap 20001,667.27↑ Sell
 IBEX 357,348.01↑ Buy
 BASF40.190↑ Buy
 Bayer47.53Neutral
 Allianz160.10↑ Buy
 Adidas116.44Neutral
 Lufthansa5.590↑ Sell
 Siemens AG98.47Sell
 Deutsche Bank AG7.391↑ Buy
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Ngoại tệMua vàoBán ra
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Cập nhật lúc 16:19:56 03/10/2022
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