Wednesday, November 11, 2015

European stocks rally ahead of Draghi speech

FXStreet (Mumbai) - The stock markets across Europe rallied on Wednesday after having suffered moderate weakness earlier this week on increased odds of Fed tightening.

At the time of writing, the pan-European Euro Stoxx 600 index was up 0.60% around 378.58 levels. Among the regional indices, Germany’s DAX was up almost 1%, while France’s CAC was up 0.60%. London’s FTSE turned a blind eye towards a slightly weak wage growth to strengthen 0.5%.

Shares in Carlsberg advanced more than 7% after the brewer reported higher than estimated profits and announced job cuts to reduce costs. SABMiller advanced more than 2% after Anheuser-Busch InBev NV made a formal offer to buy it for about USD 107 billion.

German lenders Alpha Bank and National Bank of Greece were once again on the losing side. Shares in Tullow Oil lost almost 3%, tracking the drop in the oil prices.

The focus now shifts to the ECB President’s MArgio Draghi’s speech, due at 1:15 p.m. in London.
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