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While Maltese markets were closed on Wednesday, it was business as usual for all other European and American markets. It was a mixed day of trade, with global markets posting a modest rebound after two straight days of decline, as caution remained elevated a day before the potentially market-moving events that have preoccupied investors since the start of the week.
European markets posted gains during Wednesdays’ session with bank shares leading the gains after the euro dropped and Spain’s Banco Santander announced it would be the struggling bank, Banco Popular Espanol. Financial, utility and oil and gas shares rose, but health care and basic materials were in the red.
In America, markets traded in positive territory, as the Dow Jones, S&P and Nasdaq were all in the green. Technology shares were amongst the biggest gainers with Apple once again posting a rise, as shares were up 0.7%.
Spanish banks in the spotlight
Wednesday’s session saw the Stoxx Europe 600 Bank Index climb 1.21%, with banking shares advancing the most throughout the session. Shares of its second largest component, Banco Santander pared their losses to 0.60% as the lender acquired troubled Banco Popular Espanol. The move came after the European Central Bank determined that Banco Popular was “failing or likely to fail”.
Santander plans to raise €7 billion in a rights issue to fund a cleanup of Banco Popular’s balance sheet. Overall, Spain’s banking sector has been on stronger footing, but Popular has been a weak link.
Other Spanish banks were trading in positive territory. Bankia shares soared 5.29% and BBVA rose 2.66%.
Super Thursday
Markets have posted losses during the first two trading days of the week, in the run-up to three key events on Thursday. The UK general Election will no doubt be the key event of the day, but there is just as much attention focused towards the European Central Bank meeting as well as the testimony by former Federal Bureau of Investigation Director James Comey.
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