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DAX Tumbles As Banks Drag On Contagion Fears
(RTTNews) - German stocks plunged on Friday, as banks suffered heavy losses on concerns over the collapse of pro-crypto Silvergate bank coupled with the hawkish stance taken by the U.S. Federal Reserve.
Investors waited for the release of monthly U.S. jobs report later in the day that could reinforce expectations of a bigger rate hike later this month.
The benchmark DAX was down 263 points, or 1.7 percent, at 15,370 after ending flat with a positive bias the previous day.
Commerzbank shares plummeted 5 percent and Deutsche Bank lost about 8 percent after U.S. tech-industry lender SVB Financial Group launched a share sale to shore up its balance sheet due to declining deposits from startups struggling for funding.
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Swiss Market Ends Notably Lower
Save for a few minutes about an hour after the opening bell, the Switzerland market stayed weak on Wednesday with several stocks reeling under selling pressure.
Investors were cautious amid concerns about the impact of U.S. tariffs, and Donald Trump's fresh threat that his government might consider imposing tariffs on chips and pharmaceuticals.
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hace 1h 33min
European Stocks Close Mostly Higher On Earnings, Fed Rate Cut Hopes
European stocks closed mostly higher on Wednesday, thanks largely to some strong corporate earnings updates, and expectations of an interest rate reduction by the Federal Reserve in September.
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hace 2h 4min
Canadian Stocks Surge Higher Again; TSX Scales New Record High
Canadian stocks are up firmly in positive territory on Wednesday, and the benchmark S&P/TSX Composite Index stays high up after hitting a fresh record. Rising optimism about a rate cut by the Federal Reserve in September, firm oil prices and some upbeat corporate earnings announcements are contributing to the positive mood in the market.
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hace 2h 53min
India Holds Key Interest Rates Steady As Trade Tensions Escalate
The Reserve Bank of India left its key interest rates unchanged on Wednesday after an aggressive cut in June as the economy faces another threat from the US due to its Russian oil imports. The RBI Monetary Policy Committee, led by Governor Sanjay Malhotra, unanimously decided to hold the policy repo rate at 5.50 percent. The bank had reduced the rate by 50 basis points in June.
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hace 5h 25min
Bay Street Looks Set To Extend Upmove
Canadian shares look headed for a positive start on Wednesday, riding on some impressive corporate earnings updates, and higher oil prices. The focus will also be on the developments on the trade front.
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hace 6h 53min
Eurozone Retail Sales Recover In June
Euro area retail sales rebounded in June suggesting that household spending likely supported economic growth in the second quarter, official data revealed on Wednesday. Retail sales grew 0.3 percent on a monthly basis in June, offsetting May's 0.3 percent decline, Eurostat said. However, this was marginally weaker than economists' forecast for a 0.4 percent increase.
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hace 7h 3min
Euro Rises As European Shares Traded Higher
The euro strengthened against other major currencies in the European session on Wednesday, as European shares traded higher despite weak factory orders data from Germany and fresh tariff threats from U.S. President Donald Trump on pharma and chips. Some upbeat earnings announcements and expectations of a Fed interest rate cut next month appear to be aiding sentiment.
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hace 7h 36min
Disney Lifts FY25 EPS View After Q3 Profit Beats Market; ESPN In Deal With WWE, NFL
Media and entertainment major Walt Disney Co. (DIS) on Wednesday raised fiscal 2025 outlook for earnings.above the Street after reporting significantly higher profit in its third quarter, above market estimates. Meanwhile, revenues missed the market view, despite reporting a growth. Separately, Disney announced that its unit ESPN has signed a landmark rights agreement with WWE.
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hace 7h 53min
