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Home>EUROPE MARKETS: European Stocks Notch 2-month High, But Bank Stocks Pare Heftier Gain

EUROPE MARKETS: European Stocks Notch 2-month High, But Bank Stocks Pare Heftier Gain

EUROPE MARKETS: European Stocks Notch 2-month High, But Bank Stocks Pare Heftier Gain

09/28/2017

By Carla Mozee, MarketWatch

Ryanair shares retreat

European stocks booked their sixth straight win Thursday on the way to a two-month high, but bank stocks pared bigger gains as market momentum surrounding prospects for U.S. tax cuts ebbed.

Finishing firmly in the red were shares of Swedish apparel retailer H&M after a disappointing earnings report, while Ryanair Holdings PLC shares were dogged by troubles stemming from the carrier's ongoing cancellation of hundreds of flights.

The Stoxx Europe Index closed up 0.2% to 386.36 after a choppy trading session. But that was enough to mark its longest winning streak since late April, according to FactSet data. Thursday's settlement was also the highest since July 17. Industrial and tech stocks led gainers, while telecom and utility shares, among others, fell.

The index on Wednesday closed up 0.4% (http://www.marketwatch.com/story/european-stocks-jump-to-10-week-high-led-by-alstom-after-siemens-deal-2017-09-27), aided by advances for bank stocks.

Bank stocks on Thursday ended higher overall, but the 1% intraday rise for the Stoxx Europe 600 Banks Index was slimmed to a rise of 0.1%. Germany's Deutsche Bank AG (DBK.XE) (DBK.XE) closed up 2.7%, off session peak, and Spain's Banco Santander SA (SAN) rose 0.5%. France's Societe Generale SA (GLE.FR) closed up 0.4% and the U.K.'s Barclays PLC (BCS) (BCS) tacked on 1%.

Bank stocks have risen this week as investors priced in the prospect of higher interest rates, as those mean that banks can charge more for their loans.

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