Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Equities

Eurozone banks enjoy best day since July, with US election driving rally in stocks

Posted on November 7, 2016

Equities are surging across the continent this morning, as investors return to riskier assets in expectation of a victory for Hillary Clinton in the US presidential election.

Every major index in Europe is in the green, driven by a particularly strong morning for financial stocks. The Eurozone-wide Euro Stoxx Banks Index is on track for its best day since July, up 2.9 per cent.

The FTSE 100 has carried on its recent trend of moving in the opposite direction as the pound, rising 1.4 per cent as a rally in the dollar hits sterling.

Germany’s Dax is up 1.8 per cent, while Italy’s FTSE MIB index is the biggest riser so far, up more than 2 per cent.

Markets were volatile last week as polls tightened, with investors turning to haven assets like gold and the yen. However, yesterday’s confirmation that the FBI will not take further action against the Hillary Clinton for her use of a private email server has increased confidence. Investors have been hopeful of a Clinton victory, which they expect to bring less uncertainty than the self-proclaimed agent of change Mr Trump.