19 de septiembre de 2016 / 16:16 / en un año

European shares rebound, helped by financials, commodity stocks

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) Adds details, closing prices)

* European markets rise after losses in previous week

* Firmer oil prices lift shares of energy companies

* Miners lead sectoral gainers, helped by CS upbeat view

* Deutsche Bank underperforms positive bank sector

By Sudip Kar-Gupta and Danilo Masoni

LONDON, Sept 19 (Reuters) - European shares edged higher on Monday in a modest rebound after two straight weeks of losses, led by financials and commodity stocks.

The pan-European STOXX 600 index, which had fallen to a six-week low on Friday, ended up 1 percent. The STOXX 600 remains down by 7 percent so far in 2016.

A rise in financial stocks, which had slumped on Friday following a threatened $14 billion fine on Deutsche Bank from U.S. authorities, added the most points to European stock markets. Shares in banks HSBC, Intesa Sanpaolo and Santander rose between 1 and 2.5 percent.

But Deutsche Bank fell 2.4 percent, extending losses following an 8.5 percent slump in the stock on Sept. 16.

Analysts at U.S. bank Citigroup said that, while battered bank stocks represented a tempting investment opportunity, buying into the sector would nevertheless represent the “world’s biggest contrarian trade”.

“History says ‘Buy’ but our key message is do not ‘Underweight’ the sector,” said Citi analysts, led by Jonathan Stubbs, in a note to clients.

The STOXX 600 Basic Resources index was the biggest sectoral gainer, up 3.4 percent, helped by upbeat comments from Credit Suisse on optimism over iron ore and coal demand.

The broker raised its targets for BHP Billiton, Rio Tinto and Anglo American and upgraded its rating for Glencore to “outperform”.

Firmer oil prices also propped up markets, with the STOXX Europe 600 Oil & Gas index advancing 1.5 percent.

Oil prices rose on Monday after Venezuela hinted that OPEC and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports.

“Firmer oil prices are helping things a bit,” said Rupert Baker, a European equity sales executive at Mirabaud Securities.

“We’re jagging around a bit at the moment on the European markets, with no clear direction. Last week was a poor one for Europe, and I’d still have a slight downwards bias on the markets,” added Baker, citing negative pressures from weak corporate earnings and an anaemic economic backdrop. (Additional reporting by Vikram Subhedar; Editing by Gareth Jones)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below