European Daily Market Review
On Wednesday, European stocks are stable or declining, as the markets took a pause after the recent rally on the results of the US election.
During European morning trade, EURO STOXX 50 eased 0.07%, France’s CAC 40 gained 0.05%, while Germany’s DAX 30 fell 0.20%.
Financial shares as a whole fell, as French lenders, Societe Generale (PA: SOGN) and BNP Paribas (PA: BNPP) fell 0.23% and 0.50%, while the German Commerzbank (DE: CBKG) and Deutsche Bank (DE: DBKGn) fell 0.88% and 0.81% respectively.
Among the peripheral lenders, the Italian Intesa Sanpaolo (MI: ISP) and Unicredit (MI: CRDI) fell 0.95% and 1.19%, while Spanish banks BBVA (MC: BBVA) and Banco Santander (MC: SAN), on the other hand, jumped by 0.98% and 1.67% respectively.
Shares of Bayer AG (DE: BAYGN) tumbled 5.39% after the company announced plans to issue convertible bonds amounting to €4 billion in the framework of measures for the financing of the acquisition of Monsanto (NYSE: MON).
Shares of Lufthansa AG VNA O.N. (DE: LHAG) lost 2.27% on reports that the board member Karl Ulrich Garnadt, responsible for the budget division of Eurowings, is retiring next year.
London’s FTSE 100 dropped 0.18%.
The financial sector in the UK also decreased as Barclays shares (LON: BARC) fell 0.09%, shares of Lloyds Banking (LON: LLOY) lost 0.11%, and the shares of HSBC Holdings (LON: HSBA) and Royal Bank of Scotland (LON: RBS) fell 0.69% and 0.82% respectively.
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