European shares seeing overall gains as banks rise and steel falls

European shares edged higher on Thursday, helped by a rise in banks, after the U.S. Federal Reserve cut interest rates but set a higher bar for further reductions, Reuters reports.

European banks rose 1.1%, the most among the major sectors. 

The pan-European STOXX 600 index rose 0.2% with lender-heavy Milan .FTMIB and Madrid .IBEX outperforming. 

The FTSE 100 index was 0.1% lower ahead of a Bank of England monetary policy statement at 1100 GMT, where it is expected to stand pat on rates. 

Wartsila (WRT1V.HE) was the worst performer on the STOXX 600 on an HSBC price target cut after the Finnish engineering group warned on 2019 profit on Wednesday. 

European steel stocks ArcelorMittal, Salzgitter, Voestalpine, SSAB, Outokumpu and Thyssenkrupp declined after United States Steel’s gloomy current-quarter earnings forecast.

Follow EU Today on Social media:

EUToday Correspondents

EUToday Correspondents

Our team of independent correspondents, based across Europe and beyond, are at the centre of geopolitical dynamics. We are united by our commitment to free and unbiased journalism, and our devotion to the concept of true and unfettered democracy. We take our job very seriously!

Related posts