Europe’s
benchmark stock index rallied the most in three weeks on Monday, as
investors latched on to hopes central banks will launch more stimulus
soon.
The Stoxx Europe 600 index jumped 3% to close at 321.76, its largest one-day percentage gain since Jan. 22.
Shares
of Unipol Gruppo Finanziario SpA jumped 7.7%, Banco Popolare climbed
7.3%, Banca Monte dei Paschi di Siena SpA rose 9.2%, and Banca Popolare
di Milano Scarl gained 5.7%.
Other banks also jumped, with shares of Eurobank Ergasias SA up 30% in Athens and Credit Suisse Group AG rising 2.7%.
The Stoxx Europe 600 banks index rose 3.5%, trimming its year-to-date slump to 22%.
Trading volume was lighter than usual, as normal U.S. trading is closed for the President’s Day holiday.
Other
movers: Shares of H&M Hennes & Mauritz AB advanced 3.5% after
the Swedish clothing retailer said total sales rose 7% in January.
Reckitt Benckiser Group PLC rallied 6.8% after the consumer-goods company beat its 2015 target and raised its dividend 12%.
HSBC Holdings PLC moved 1.4% higher after the global bank decided to keep its headquarters in London.
Precious-metals
miners topped the list of decliners in Europe, tracking a slide in gold
and silver prices. Gold scored its biggest weekly gain since the 2008
financial crisis last week as investors flocked to safe haven
investments on the back of a brutal week for equities and oil.
Shares of Fresnillo PLC gave up 2.6%, and Randgold Resources Ltd fell 2%.
Electricite
de France SA lost 1.3% after French newspaper Le Figaro said the
utility company on Tuesday will report a slump in net profit.
Source: Marketwatch
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