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Sept. 19, 2018, 12:17 p.m. EDT

Europe stocks book fourth win in a row

Materials and chemicals stocks lead gainers

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By Barbara Kollmeyer, MarketWatch , Anneken Tappe


AFP/Getty Images

Europe’s main stock gauge ended Wednesday’s session higher, booking its fourth straight win thanks to gains in the materials and chemicals sectors.

Danske Bank AS stood out among the losers as its top executive stepped down over a money-laundering scandal.

What are markets doing?

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.86%  added 0.3% to close at 379.98, in a week that has delivered a 0.6% rise so far. Shares squeaked by with a 0.1% gain on Tuesday.

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.91%  finished 0.5% higher at 12,219.02, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.80%  added 0.6% to end at 5,393.74. The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.27%  closed 0.4% higher at 7,330.11.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0742%  was little changed at $1.1686 against the dollar. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD 0.0000%  bought $1.3161, compared with $1.3147.

What is driving the market?

The pound shot up earlier Wednesday, reaching above $1.32 after U.K. inflation jumped to a surprise six-month high of 2.7%. The news boosted banks on the view that the Bank of England may be pressure into more interest rate increases after an August hike. But the currency eased back after a report that U.K. Prime Minister Theresa May would reject the proposal from the EU on the Irish border.

Read: Why another Brexit summit is unlikely to put investors at ease

Stocks in Asia climbed. U.S. stocks traded mostly higher.

What are analysts saying?

While U.K. banks were getting a lift for now from revived rate-hike hopes, “ambivalent implications for growth and other consumer-led activity,“ could eventually weigh on those stocks, said Ken Odeluga, market analyst at City Index, in a note.

“For now, bank shares are among sectors participating with gains in Continental markets, though STOXX’s mining-related basic resource index is again at the front, auto and parts shares aren’t far below. Further delay before Beijing responds to Washington’s invitation could be the point on which global investor consensus could begin to show cracks, even as the White House weighs an ex-ante to counter-retaliate,” he said.

Stock movers

Among the top decliners, Danske Bank /zigman2/quotes/209678580/delayed DK:DANSKE +1.49% finished 3.4% lower after CEO Thomas Borgen announced his resignation amid the outcome of an internal probe that money laundering was involved in a “large portion” of more than $200 billion in transactions from a branch in Estonia.

Adecco Group AG /zigman2/quotes/201694772/delayed CH:ADEN +0.76%  slumped over 6% after the temp staffing firm reported markedly slower growth in the third quarter for continental Europe.

On the upside, a number of mining stocks were tracking higher, with Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL +1.65%  closing up 5.1%, Antofogasta PLC /zigman2/quotes/200173667/delayed UK:ANTO +0.16%  up 5.9% and Rio Tinto PLC /zigman2/quotes/202627887/composite RIO -0.28%   /zigman2/quotes/208934945/delayed UK:RIO +0.19%  gaining 3%.

In London, HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA +0.13%  closed up 1.8%, Royal Bank of Scotland Group PLC /zigman2/quotes/209265718/delayed UK:RBS +0.83%   /zigman2/quotes/203233010/composite RBS +0.94%  jumped to end 2.7% higher and Barclays PLC /zigman2/quotes/206581728/composite BCS +2.64%   /zigman2/quotes/208409333/delayed UK:BARC +2.59%  closed 2.2% higher.

/zigman2/quotes/210599654/delayed
XX : STOXX
430.19
-3.71 -0.86%
Volume: 0.00
Feb. 20, 2020 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,664.00
-125.00 -0.91%
Volume: 86,435
Feb. 20, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,062.30
-48.94 -0.80%
Volume: 91,055
Feb. 20, 2020 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,436.64
-20.38 -0.27%
Volume: 739,264
Feb. 20, 2020 4:59p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0793
+0.0008 +0.0742%
Volume: 0.0000
Feb. 20, 2020 8:26p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2882
0.0000 0.0000%
Volume: 0.0000
Feb. 20, 2020 8:26p
loading...
/zigman2/quotes/209678580/delayed
DK : Denmark: OMX
kr. 122.25
+1.80 +1.49%
Volume: 2.14M
Feb. 20, 2020 4:59p
P/E Ratio
7.31
Dividend Yield
6.95%
Market Cap
kr.102.83 billion
Rev. per Employee
kr.4.43M
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/zigman2/quotes/201694772/delayed
CH : Switzerland: SWX
CHF 58.42
+0.44 +0.76%
Volume: 959,056
Feb. 20, 2020 5:31p
P/E Ratio
23.72
Dividend Yield
4.28%
Market Cap
CHF9.40 billion
Rev. per Employee
CHF810,479
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,122.50 p
+34.50 +1.65%
Volume: 3.87M
Feb. 20, 2020 4:35p
P/E Ratio
8.58
Dividend Yield
4.26%
Market Cap
£25.64 billion
Rev. per Employee
N/A
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/zigman2/quotes/200173667/delayed
UK : U.K.: London
856.20 p
+1.40 +0.16%
Volume: 884,036
Feb. 20, 2020 4:35p
P/E Ratio
18.13
Dividend Yield
4.32%
Market Cap
£8.43 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 54.19
-0.15 -0.28%
Volume: 1.24M
Feb. 20, 2020 6:30p
P/E Ratio
6.88
Dividend Yield
6.11%
Market Cap
$68.45 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,209.50 p
+8.00 +0.19%
Volume: 2.01M
Feb. 20, 2020 4:35p
P/E Ratio
6.91
Dividend Yield
7.34%
Market Cap
£68.22 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
559.70 p
+0.70 +0.13%
Volume: 30.09M
Feb. 20, 2020 4:35p
P/E Ratio
23.58
Dividend Yield
7.06%
Market Cap
£113.55 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209265718/delayed
UK : U.K.: London
207.70 p
+1.70 +0.83%
Volume: 15.19M
Feb. 20, 2020 4:35p
P/E Ratio
8.04
Dividend Yield
10.59%
Market Cap
£24.88 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203233010/composite
US : U.S.: NYSE
$ 5.36
+0.05 +0.94%
Volume: 1.08M
Feb. 20, 2020 6:30p
P/E Ratio
8.01
Dividend Yield
2.46%
Market Cap
$32.07 billion
Rev. per Employee
$329,888
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 9.32
+0.24 +2.64%
Volume: 7.85M
Feb. 20, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
4.82%
Market Cap
$39.30 billion
Rev. per Employee
$458,292
loading...
/zigman2/quotes/208409333/delayed
UK : U.K.: London
181.32 p
+4.58 +2.59%
Volume: 55.64M
Feb. 20, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
4.96%
Market Cap
£30.60 billion
Rev. per Employee
N/A
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer. Anneken Tappe is a markets reporter for MarketWatch. She is based in New York.

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