en English
en Englishfr Frenchde Germanit Italianru Russianes Spanish

European banks gain for third day as investors await key Fed decision

European banks gain for third day as investors await key Fed decision By Investing.com

Breaking News

‘;

Stock Markets 24 minutes ago (Mar 22, 2023 06:40AM ET)

(C) Reuters.

By Scott Kanowsky

Investing.com — European banks climbed on Wednesday, advancing for a third straight day, as investors looked ahead to a crucial Federal Reserve interest rate decision and fears eased over a possible financial industry crisis following the takeover of Credit Suisse (SIX:CSGN) by UBS (SIX:UBSG).

The Europe Stoxx Banks index, which tracks the performance of several large European and U.K. lenders, moved higher by 2% as of 06:05 ET (10:05 GMT), making it the best-performing sector in the region. Barclays PLC (LON:BARC) and NatWest Group PLC (LON:NWG) in the U.K. were among the biggest gainers, while Germany’s Commerzbank AG O.N. (ETR:CBKG) and UniCredit SpA (BIT:CRDI) in Italy both traded in the green.

Meanwhile, Spanish banking giant Banco Santander (BME:SAN) was boosted by an upgraded rating from analysts at BNP Paribas Exane. Domestic peers BBVA (BME:BBVA) and Banco de Sabadell SA (BME:SABE) were also higher.

Focus is turning to the Fed’s latest rate decision, which is due out after the close of European markets. Most economists are forecasting a quarter-point rate hike, although others believe the U.S. central bank may pause its recent hiking in borrowing costs due to the turmoil and uncertainty surrounding the banking industry.

Separately, European Central Bank president Christine Lagarde said today that the ECB will continue to take a “robust” approach to fighting inflation, but will also be ready to provide aid to financial markets should threats emerge.

European banks gain for third day as investors await key Fed decision

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Meta Platforms earns 3rd upgrade this week as KeyBanc moves to Overweight
Next post India stocks higher at close of trade; Nifty 50 up 0.26%