European Shares Inch Higher; Banks Lead Gains

RTTNews | 344 days ago

(RTTNews) - European stocks rose slightly on Wednesday, with banks and energy stocks leading the surge despite ongoing political crisis in France and U.S. government shutdown worries.

Investors also shrugged off data that showed Germany's industrial production declined more than expected in August.

Industrial output fell 4.3 percent year-on-year in August, in contrast to the 1.3 percent increase in July, Destatis reported. Output was expected to fall 1 percent.

On a yearly basis, industrial production logged a decline of 3.9 percent, reversing July's 1.5 percent increase.

The pan European Stoxx 600 edged up by 0.4 percent to 571.63 after falling 0.2 percent on Tuesday.

The German DAX gained 0.3 percent, France's CAC 40 climbed 0.6 percent and the U.K.'s FTSE 100 added 0.4 percent.

Banks Commerzbank, Deutsche Bank and Credit Agricole all traded up around 1 percent. Oil giant BP Plc gained 0.6 percent, tracking higher oil prices.

German wind turbine manufacturer Nordex SE rose nearly 2 percent on securing orders in the U.S. totaling 236 megawatts (MW).

Copper producer Aurubis slumped 5.6 percent. The company has set an earnings target for the 2025/26 financial year broadly in line with what it had guided for the previous year.

ABB shares rose 1.4 percent. The Swiss-Swedish multinational corporation has agreed to sell its global robotics division to SoftBank Group for $5.38 billion.

Fragrance firm Givaudan added 1.2 percent after an announcement that it would invest CHF187 million ($233 million) in the construction of a new production plant near Cincinnati, Ohio, in the United States.

BMW plunged 8.2 percent after the German luxury carmaker cut its profit forecast, citing U.S. tariffs and weaker-than-expected growth in the Chinese market.

ASML Holding declined 1.3 percent after U.S. lawmakers called for broader bans on chipmaking equipment sales to China.

Lloyds Banking Group rallied 2.3 percent in London. The bank announced that it is assessing the FCA's motor finance redress scheme.

Bunzl fell 1.2 percent after saying it has completed two new acquisitions in Ireland and Spain.

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RTTNews | 7h 0min ago

EURUSD	1.14807	GBPUSD	1.33587
USDJPY	155.948	USDCAD	1.39862