EUROPE MARKETS: European Banks Rally, Leading Stocks To 1-month Closing High
2017年12月9日 - 2:23AM
Dow Jones News
By Carla Mozee and Sara Sjolin, MarketWatch
U.K. and EU make breakthrough on Brexit divorce terms, clearing
way to next stage of negotiations
European stocks rose Friday, scoring their highest close in a
month, after the U.K. and the European Union came to terms on a
Brexit divorce deal, opening the way to a key phase of talks.
Bank stocks were in rally mode after news of the Brexit
breakthrough and after global financial officials finally signed a
deal Thursday to harmonize banking rules.
How markets are moving: The Stoxx Europe 600 popped up 0.7% to
close at 389.25, logging its highest close since Nov. 9, according
to FactSet data.
For the week, the Stoxx 600 scored a 1.4% gain, following last
week's fall of 0.7%.
(http://www.marketwatch.com/story/european-stocks-on-course-for-2nd-losing-session-with-tech-knocked-down-2017-12-06)In
Frankfurt on Friday, the DAX 30 index jumped 0.8% to 13,153.70, and
in Paris, the CAC 40 gained 0.3% to 5,399.09. Spain's IBEX 35 leapt
0.6% to 10,321.10.
The U.K.'s FTSE 100 ended up 1% at 7,393.96, propelled higher by
a drop in the pound.
The euro traded at $1.1765 at the time of the European close,
down from $1.1774 late Thursday in New York.
What's moving markets: The president of the European Commission,
Jean-Claude Juncker, said early Friday that "sufficient progress"
has been made
(http://www.marketwatch.com/story/breakthrough-on-brexit-terms-opens-way-to-next-phase-of-talks-2017-12-08)
on three key issues in Brexit negotiations to allow the talks to
advance to the next phase.
"I believe we have now made the breakthrough we needed," Juncker
said at a press conference in Brussels.
After a night of intense negotiating, British Prime Minister
Theresa May managed to resolve the final issue -- the Irish border
-- needed to satisfy the EU side.
The Brussels negotiating team is now recommending that EU
leaders give the go-ahead for Brexit talks to move to the second
stage, which will cover trade agreements and a potential transition
period. The European Council meeting of EU leaders is scheduled for
Dec. 14-15.
An EU official reportedly threw cold water on hopes of a quick
deal on trade, saying it's not realistic to expect an agreement by
March 2019, when the U.K. leaves the union.
The pound hit an intraday high of $1.3521 following news of the
deal, but since slumped to $1.3366. That compares with $1.3475 late
Thursday in New York. Against the euro, sterling fell to EUR1.1363
from EUR1.1445 on Thursday.
Analysts said the drop came not because traders were
disappointed with the deal, but because a lot of the optimism had
already been price in.
Read:The Game of Krones: Inside Denmark's battle to defend its
35-year-old currency peg
(http://www.marketwatch.com/story/the-game-of-krones-inside-denmarks-battle-to-defend-its-35-year-old-currency-peg-2017-12-08)
Stock movers: The Stoxx Europe 600 Bank Index surged 2.2%,
marking its biggest leap since July.
On Thursday, international banking regulators agreed on the
final Basel III standards for banks. The harmonized rules,
conceived after the financial crisis, aim to shield taxpayers from
bank bailouts by making sure lenders have adequate cushion against
shocks. The standards must now be passed into national laws. The
agreement further highlighted that most lenders hold a sufficient
amount of capital.
Friday's Brexit breakthrough also helps the financial industry,
as it brightens the prospects for a smooth transition when the U.K.
withdraws from the EU in 2019.
In the bank group, Germany's Deutsche Bank AG (DBK.XE) (DBK.XE)
jumped 3.3%, while shares of London-based Barclays PLC (BCS)(BCS)
rose 2.5%. France's Société Générale SA (GLE.FR) added 2.3%,
Spain's Banco Santander SA (SAN) picked up 1.8%, and Italy's Unione
di Banche Italiane SpA (UBI.MI) moved up 2.2%.
What strategists are saying: "GBP/USD tumbled throughout the
afternoon after the early morning buying frenzy fizzled. Sterling
got off to a strong start in the early hour due to the news that
the U.K. and EU will move onto next round of talks in relation to
Brexit. Traders a feeling in was going to be good news that was
reported this morning so some of the move was already priced in,"
said David Madden, market analyst at CMC Markets UK, in a note.
"The DAX has been given a boost after Martin Schulz of the
Social Democrats suggested his party is warming up to the idea of
entering into coalition talks with Angela Merkel's Christian
Democratic Union. The German economy has been performing well
without a functioning government, and [the] news has added to the
positive sentiment," he added.
(END) Dow Jones Newswires
December 08, 2017 12:08 ET (17:08 GMT)
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