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26.09.2016 11:07

Major European stock indices trading in the red zone

European stock markets started trading with a negative dynamic, since the reduction in the shares of major banks and energy companies weighed on the stock exchange in the region.

Investors evaluate data on German business climate, as well as the expected long-awaited presidential debate in the United States.

According to Ifo institute IFO the index of confidence of German businessmen rose to 109.5 points - the highest level since May 2014 - as compared with 106.3 points a month earlier.

Tonight at Hofstra University in New York will be the first debate of the US presidential candidates Hillary Clinton and Donald Trump.

The composite index of the largest companies in the region Stoxx Europe 600 fell during trading on 1,5% - to 340.29 points.

Shares of Deutsche Bank collapsed in price to a record low of 10.65 euros, to the 08:40 GMT decrease their value exceeded 5%.

Earlier, the German magazine Focus reported that German Chancellor Angela Merkel ruled out the possibility of granting state aid to Deutsche Bank, from which US regulators require the payment of $ 14 billion as part of the settlement of claims in the case of manipulating prices for mortgage securities in the period before the 2008 crisis.

On Friday, ratings agency Fitch said that the key risks for the banking sector in Germany are ultra-low interest rates, putting pressure on the profits of banks, as well as regulatory pressures and stiff competition.

In the case of Deutsche Bank agency also noted the problems associated with significant costs and expenses.

Shares of other European banks also fell today. Quotes Commerzbank Securities, BNP Paribas and Lloyds Banking Group fell by 4.5%, 4.3% and 3.1%.

Shares of oil companies are also cheaper in the course of trading on the background of the high volatility of oil prices before the upcoming meeting of oil producing countries in Algiers.

The cost of BP shares fell to 1,6%, Royal Dutch Shell - by 1.6%.

Oil prices, which rose in the morning about 1%, sharply reduced growth during the session amid experts doubt the success of the upcoming talks between the oil-producing countries.

"We are skeptical about the possibility of reaching an agreement this week", - said a senior analyst at IronFX Global Charalambos Pissuros.

German Lanxess shares rose 7.9%. German specialty chemicals group announced the purchase of its US Chemtura Corp., the transaction amount will be about 2.4 billion euros ($ 2.7 billion).

At the moment:

FTSE 6838.24 -71.19 -1.03%

DAX 10479.33 -147.64 -1.39%

CAC 4418.23 -70.46 -1.57%

26.09.2016 11:12

WSE: Mid session comment

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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