Thursday, August 11, 2022

European stocks fell on financial sector losses, LSE up as sterling falls


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

European stocks fell for a second session on Thursday, weighed down by financial sector losses, but British stocks rallied as the pound fell amid growing concern that an exit without a deal from the European Union could become a reality.

Equity markets in Frankfurt, Madrid, Dublin and Paris all suffered losses, but Britain’s Financial Times 100 rose 0.9 percent to a five-and-a-half-year high, boosted by energy stocks and sterling.

The Stoxx 600 European index closed just 0.04 percent lower, with the performance of the banking sector index weakened after a shift in Federal Reserve policy on Wednesday and a warning from Swiss bank UBS on the income of investment banking activities.

London-listed miners rose, with BHP and Rio Tinto up more than 1.5 percent each, while oil and gas giants BP and Royal Dutch Shell rose more than 1 percent.

Across Europe, Germany’s DAX down 0.5 percent, France’s CAC 40 0.07 percent and Spain’s APEX 0.5 percent.

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