European Stocks Flat in Light Trade

December 23, 2016 Share Print 0

European stocks were little changed, while Italian lenders rose as the country’s government readied rescue funds and Deutsche Bank AG climbed after agreeing to settle U.S. mortgage probes.

Deutsche Bank climbed 2.9 percent as it agreed to pay $7.2 billion to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities, worries over which the stock had slumped earlier this year. UniCredit SpA and Intesa Sanpaolo SpA rose more than 1.4 percent as Italy prepared to inject as much as 20 billion euros ($21 billion) into its banks. The Stoxx Europe 600 Index added less than 0.1 percent at 10:16 a.m. in London.

The volume of the benchmark’s shares changing hands was 40 percent lower than the 30-day average, in keeping with this week’s thin trading ahead of the holidays. The Stoxx 600 is within 1.5 percent of wiping out its losses for the year, having rallied 5.3 percent this month.

Bloomberg

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.