European stock markets recover after the promise

  • European stock markets recover after the promise
    Independent.t. E.
    Yesterday, European stocks recovered after two days of heavy selling as investors ‘ fears about contagion from the Turkish currency crisis fades a bit, thanks to the assurances from the Central Bank and the government.
    https://www.independent.ie/business/world/european-stocks-rebound-after-pledges-37217259.html
    https://www.independent.ie/incoming/article37216995.ece/466d3/AUTOCROP/h342/TURKEY%20Cur%209.jpg

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Yesterday, European stocks recovered after two days of heavy selling as investors ‘ fears about contagion from the Turkish currency crisis fades a bit, thanks to the assurances from the Central Bank and the government.

The Turkish Lira has strengthened after the Central Bank promised on Monday to provide liquidity in response to the crisis, which unsettled global markets.

Investors were also comforted by news that Finance Minister Berat Albayrak will hold a conference call with investors from the USA, Europe and the Middle East tomorrow, his first since taking office nearly two months ago.

But President Tayyip Erdogan said that Turkey will boycott electronic products from the U.S., retaliation in a row with Washington.

Finances are a major factor, and the shares of Eurozone banks is rising. But despite the increasingly earlier, the pan-European stoxx 600 index flat at the close.

Banks were the most affected by concerns about Turkey, raised the index to a 21-month low.

In Ireland, the iseq overall index was among the European stocks that closed higher. It grew by 0.12 PC to 6,694.66.

Dublin-listed shares in food group Aryzta fighting surged 18.6 PC Euro 8.48 day after it told investors that it plans to raise €800 m in share placement.

Shares in FBD the insurer, gained 3.3 PC to €10.85 after the General Director Fiona Muldoon was acquitted after investigations related to internal complaints. Decliners included AIB, whose shares fell 1.1 PC to €4.94 after Davy Stockbrokers has downgraded them to “neutral”. Bank of Ireland fell by 1.6 PC to €7.36.

In the UK the FTSE 100 was 0.4 PC lower. Germany’s DAX remained unchanged.

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