Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

Europe’s STOXX 600 at two-week closing high in lead-up to Fed rate decision

2024 09 17T073117Z 1 LYNXMPEK8G05S RTROPTP 4 EUROPE STOCKS

Published : , on

By Shubham Batra and Shashwat Chauhan

(Reuters) -Europe’s STOXX 600 recorded its highest closing level in two-weeks on Tuesday, as global markets remained upbeat on the prospects of the U.S. Federal Reserve possibly opting for an outsized interest rate cut later this week.

The continent-wide STOXX 600 index closed 0.4% higher, with most local bourses also clocking gains.

Spain’s benchmark jumped 1.1%, hitting its highest level in over nine years.

Retail led gains amongst major STOXX sectors with a 2.8% rise, boosted by a 11.2% jump Kingfisher after the B&Q and Castorama owner lifted the bottom end of its annual profit outlook.

Ryanair gained 6.1% after CEO Michael O’Leary told Reuters that the airline has seen better momentum in bookings since last month and less need to cut prices, adding that annual profit was likely to be slightly down on last year but remained “very strong”.

The travel and leisure subindex, which houses most of Europe’s airlines, advanced 2.2%.

Investors will be squarely focused on the Fed’s decision on Wednesday, with markets now pricing in a 61% chance that the U.S. central bank could ease rates by 50 basis points, compared to a 34% chance seen a week prior, according to the CME FedWatch Tool.

“If the Fed doesn’t initiate its easing cycle with 50-basis points surely a 25-basis point move will be enveloped by a dovish tone and offers the Fed the flexibility and gradualism in the event inflation remains even slightly elevated,” said Quincy Krosby, chief global strategist at LPL Financial.

However, top brokerages such as Morgan Stanley and Deutsche Bank continue to expect the Fed to kick-off its policy easing cycle by a smaller 25-bps on Wednesday.

Back in Europe, the ZEW economic research institute said German investor morale darkened more than expected in September, with the sentiment index dropping 3.6 points from 19.2 points in August.

European defence firms such as Leonardo, Rheinmetall, BAE Systems and Kongsberg Gruppen languished at the bottom of the STOXX 600, with a gauge of aerospace and defence stocks sliding 1.8%.

Traders pointed to a media report that Ukraine’s allies are starting to look at a ceasefire.

Among other headlining stocks, Barry Callebaut climbed 7.2% after Barclays raised the chocolate maker’s rating to “overweight” from “underweight”.

Playtech slid 5.2% after the British gambling technology firm agreed to sell its Italian unit Snaitech for 2.3 billion euros ($2.56 billion), including debt, to the world’s largest betting company Flutter Entertainment.

London-listed shares Flutter closed up 3.2%.

(Reporting by Shubham Batra and Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips and Aurora Ellis)

 

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post