EUROPE MARKETS: European Stocks Close With Small Loss, Endure First Weekly Fall In 4 Weeks
January 20 2017 - 12:16PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Stoxx Europe 600 drops Friday, but Dax, CAC 40 edge up
Europe's main stock benchmark closed down modestly Friday,
snapping a weekly run of gains, as investors remained largely on
the sidelines before Donald Trump delivers his inauguration speech
as the 45th president of the United States.
The Stoxx Europe 600 was down 0.1% to end at 362.58.
The minor drop in equities Friday came as investors worldwide
tuned into Trump's swearing-in ceremony in Washington, D.C., which
was starting as European trade wrapped up at 4:30 p.m. London time,
or 11:30 a.m. Eastern Time.
See:MarketWatch's live blog and video of Trump's inauguration
(http://blogs.marketwatch.com/capitolreport/2017/01/20/donald-trump-to-be-inaugurated-as-45th-president-live-blog-and-video/)
And read:What time is the inauguration?
(http://www.marketwatch.com/story/when-is-the-inauguration-2017-01-17)
Investors are "hoping that his speech comprehensively outlines
his policy plans for the next four years in a scripted rather than
lively off-the-cuff affair," said Accendo Markets analysts Mike van
Dulken and Henry Croft in a note. "Financial deregulation,
infrastructure spending and tax reforms will be the key policy
topics markets will be hoping receive some dedicated airtime this
evening."
Bank stocks globally have climbed on expectations the Trump
administration will move to relax regulatory laws. The Stoxx Europe
600 Bank index climbed 0.9% on Friday. Shares of German lender
Deutsche Bank AG (DBK.XE) moved up 2%, Credit Suisse Group
(CSGN.EB) tacked on 1% and Lloyds Banking Group PLC (LLOY.LN)
climbed 0.5%.
For the week, the Stoxx Europe 600 suffered a fall of 0.9%. That
marked the first losing week in four. The index on Thursday
finished down less than 0.1%
(http://www.marketwatch.com/story/european-stocks-waver-ahead-of-first-ecb-call-of-the-year-2017-01-19),
giving up an earlier advance that was sparked by dovish comments
about stimulus efforts made by European Central Bank President
Mario Draghi.
Indexes: Germany's DAX 30 rose 0.3% to 11,630.13, and France's
CAC 40 picked up 0.2% to 4,850.67.
The U.K.'s FTSE 100 closed down 0.1% at 7,198.44
(http://www.marketwatch.com/story/ftse-100-slips-as-wait-and-see-mode-sets-in-before-trump-takes-office-2017-01-20).
The euro changed hands at $1.0680, higher than $1.0623 late
Thursday in New York.
(END) Dow Jones Newswires
January 20, 2017 12:01 ET (17:01 GMT)
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