Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Currencies, Equities

Scary movie sequel beckons for eurozone markets

Just as horror movies can spook fright nerds more than they expect, so political risk is sparking heightened levels of anxiety among seasoned investors. Investors caught out by Brexit and Donald Trump are making better preparations for political risk in Europe, plotting a route to the exit door if the unfolding story of French, German […]

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Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Categorized | Equities

Pharma companies and gold miners gain, banks dropping as European markets open

Posted on November 9, 2016

Shares in precious metals miners and pharmaceutical companies are jumping and banking and insurance stocks are falling in Europe as investors react to Donald Trump’s victory in the US Presidential election.

At publication time:

  • Fresnillo, the Mexico-based gold and silver miner is up 15.2 per cent
  • Africa-focused gold miner Randgold Resources is jumping 9.9 per cent
  • Centamin is gaining 7.7 per cent
  • Novo Nordisk, the Danish pharmaceuticals business, is 2.6 per cent higher
  • AstraZeneca is gaining 3.7 per cent
  • French drugmaker Sanofi is rising 2.2 per cent
  • Shire is up 4.6 per cent.

A victory for Hillary Clinton was seen as negative for pharmaceutical companies as she had questioned the prices of drugs in the US.

At the other end of the scale banks are taking the heat as European and US government bond yields are falling and investors shy away from risk.

  • Spanish bank BBVA is falling 8.5 per cent
  • French bank Natixis is also among the bigger fallers in Europe, dropping 5.8 per cent
  • French insurer Axa is off 6.1 per cent

In the early hours of Wednesday, investors have been piling into assets such as gold and the Japanese yen – havens in times of volatility – as is became clear that Mr Trump was edging closer to victory.

Oil, meanwhile, has been heading south with Brent crude dropping as much as 3.6 per cent at one stage earlier on Wednesday to $44.40 a barrel, the lowest level since August. At publication time, Brent is 1.17 per cent lower at $45.52 a barrel.