ROME: European stocks ascended to their highest level since 2008 as expands by oil producers outweighed a drop in Swiss stocks.
The Stoxx Europe 600 Index climbed 1.1 percent to 352.4 at the close of trading, after earlier losing as much as 0.9 percent. A surprise move by the Swiss National Bank to end a cap on the franc sent the Stoxx 600 fluctuating in yesterday’s session. It closed 2.6 percent up amid speculation the move strengthens the case for quantitative easing by the European Central Bank next week.
“It’s very difficult to pinpoint a direction in the markets,” said Teis Knuthsen, chief investment officer at Saxo Bank A/S’s private-banking unit in Hellerup, Denmark. “You have to fear how much the Swiss central bank’s decision will hurt the Swiss economy. There’s definitely speculation that the SNB did this in advance of expectations for the ECB to announce QE next week. You can see a few European markets react to that, and that shows we still have a few pockets of sanity here.”
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