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12.07.2016 10:57

Major stock indices in Europe show a positive trend

European stocks rose for the fourth consecutive session, helped by easing political tensions in Britain, as well as expectations of the launch of additional measures to stimulate the economy by the Bank of England and Bank of Japan. In addition, investors' attention is focused on the US corporate reporting season.

On Monday, State Minister of Energy Andrea Leedsom withdrew his candidacy from the PM race. Thus, the only candidate for the post of British prime minister remained Theresa May. Earlier policies gained the support of more than half of the total number of representatives of the Conservative Party in the Parliament. Acting Prime Minister Cameron announced that he would resign on Wednesday, July 13th. He also stressed that the new prime minister is ready to provide full support. Overall, recent developments have provided some relief to investors, who were shocked by the decision of the british to leave the EU.

Meanwhile, market participants are waiting for the meeting of the Bank of England. After the referendum, the head of the Central Bank, Carney considering the possibility of easing monetary policy. It is likely that steps will be taken at the upcoming meeting. It is expected that the Central Bank lowered interest rates for the first time since March 2009. Most likely, the Central Bank may consider a rate cut to 0.25%.

Investors are also looking to mitigate the Bank of Japan's policy to revitalize the local economy. Yesterday, Abe reiterated that will begin drawing up stimulus plan, with no specific data been specified.

A slight impact on the course of trading also provided from Germany. As it became known, the consumer price index remained unchanged at 0.1% in June, in line with analysts' forecasts. Annual inflation in Germany rose by 0.3% compared to May, but remained significantly below the ECB target level, which is located just below 2%. The harmonized index of consumer prices, calculated on the basis of statistical methodology, agreed between all EU countries increased by 0.1% compared to May and by 0.2% annually in June. These coincided with the preliminary estimates. Downward pressure on the inflation rate continued to be energy prices, which in June fell by 6.4% compared to June 2015. In May, energy prices fell by 7.9%. Food prices rose by 0.1% annually in June.

The composite index of the largest companies in the region Stoxx Europe 600 increased by 0.9%.

All 19 industry groups of the index, with the exception of the health sector and utilities, show an increase.

Daimler capitalization rose 3.8 percent after the German automaker posted encouraging financial results and confirmed its full-year outlook, dispelled some fears about the impact of Brexit.

Shares of ASOS Plc - online retailer of clothing - rose by 3.2 percent against the backdrop of higher than expected sales in the last four months.

Shares of the Italian bank Unicredit rose nearly 7 percent after the bank accepted to increase the amount of capital measures by selling online share broker.

Quotes DNB ASA fell 7.6 percent, as the representatives of the bank said that the amount of write downs in connection with the 2016 depreciation of the assets may exceed the previous estimate

At the moment:

FTSE 6,689.6 +6.74 + 0.10%

CAC 40 4,336.51 +71.98 + 1.69%

DAX 9,992.21 +158.80 + 1.61%

12.07.2016 11:07

WSE: Mid session comment

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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