Web Magazine

Trending magazine type website


European shares dragged lower by oil stocks, Italian banks


(Follow European and UK stock markets in real time on the
Reuters Live Markets blog on Eikon – see cpurl://apps.cp./cms/?pageId=livemarkets)
Adds details, updates prices)

* Pan-European STOXX index down 0.8 pct

* Oil stocks hit by concerns over crude output cut deal

* Italian banks fall on Monte Paschi cash call worries

* Utilities outperform, led by Endesa

By Danilo Masoni

MILAN, Nov 28 European shares fell on Monday,
weighed down by a drop in crude oil prices, while Italian banks
hit their lowest point since end-September on continued worries
over a cash call at troubled lender Monte dei Paschi.

The pan-European STOXX Europe 600 index was down
0.8 percent by 0941 GMT. The oil & gas index and the
regional banks’ index were down 1.4 percent and 1.6
percent respectively, making them the two biggest sectoral

Shares in oil majors Total, Royal Dutch Shell
and Eni fell between 1.4 and 2.3 percent,
after oil prices added to Friday’s steep losses as doubts
re-emerged over the ability of big producing countries to agree
output cuts at a planned meeting on Wednesday.

Banks, which had benefited from a rally in U.S. treasury
yields following Donald Trump’s victory in the race for the
White House, were broadly as U.S. treasury yields pulled back
from a 16 month highs.

Italian bank fell 3.1 percent, weighing on the
broader Milan index, on continued doubts over Monte dei
Paschi’s ability to execute a 5 billion euros capital cash…

Read the full article…


Leave a Reply

Your email address will not be published. Required fields are marked *

Web Magazine © 2017