Follow Us:
Saturday, October 16, 2021

Recovery in banks lifts European shares

Osram jumped 10 percent, hitting a record high on reports of a takeover offer from Chinese chipmaker Sanan Optoelectronics Co Ltd.

By: Reuters | London |
October 6, 2016 1:54:29 pm
European shares, Europe banking sector, Europe Osram, Osram, Stoxx 600 index, European Central Bank, European banking stocks, Deutsche Bank, Unicredit, business, banking and finance, World News, business news European banking stocks extended their gains from the previous session, with Deutsche Bank rising 1.7 per cent. (Source: Reuters)

European shares opened higher on Thursday with the beaten down banking sector providing the biggest boost while reports of takeover sent Osram to a record high.

The STOXX 600 index rose 0.3 percent, rebounding from a fall in the previous session when worries that the European Central Bank might wind down the pace of bond-buying before the end of its asset purchase programme hit both shares and bonds.

European banking stocks extended their gains from the previous session, with Deutsche Bank rising 1.7 percent after German officials said that the government was pursuing discreet talks with U.S. authorities to help the lender secure a swift settlement over the sale of toxic mortgage bonds, according to sources in Berlin.

Unicredit shares rose 4 percent. Both Deutsche Bank and Unicredit have roughly halved in value this year.

Osram jumped 10 percent, hitting a record high on reports of a takeover offer from Chinese chipmaker Sanan Optoelectronics Co
Ltd.

Meanwhile, budget airline easyJet was the biggest laggard, down over 6 percent after saying that its annual profit would fall by over 25 percent this year, its first drop since 2009, hit by disruption, security concerns and exchange rate headwinds.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
X