Wednesday, October 28, 2015

European stocks rally ahead of the FOMC rate decision

FXStreet (Mumbai) - The stock markets across Europe got off to a positive start and extended gains amid corporate earnings and ahead of the US FOMC rate decision.

The pan-European Euro Stoxx 600 index was up 0.46% with major European markets following suit. The pan-European Blue Chip Euro Stoxx 50 index was up 0.7%. Germany’s DAX was up 0.6%, while London’s FTSE had gained 0.27%.

Shares in Britain’s Lloyds Banking Group fell more than 4% after the bank was hit by a further 500 million pounds ($765 million) charge to compensate customers that were mis-sold loan insurance. Heineken share price advanced more than 3% after the world’s third largest brewer posted a rise in third-quarter revenue and beer volumes.

Shares in UK’s Meggitt tanked 22% after the company warned about profits and said it is considering 300 job cuts as sales fail to take off.
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