Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Italian shares lag European peers as banks drag, investors await Fed minutes

Published Nov 21, 2023 08:32 Updated Nov 21, 2023 17:15
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 17, 2023. REUTERS/Staff/File Photo
 
RHMG
+2.56%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BMPS
+3.11%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
STOXX
+0.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SOON
+0.42%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SX7P
+0.79%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ankika Biswas and Bansari Mayur Kamdar

(Reuters) -Italian shares lagged European peers on Tuesday as banking stocks weighed, while investors awaited minutes from the Federal Reserve's latest meeting to support bets that policymakers are done with interest rate hikes.

The pan-European STOXX 600 slipped 0.1%, while Italy's FTSE MIB index closed 1.3% lower recording its worst daily performance in a month.

Monte dei Paschi di Siena lost 7.9% after Italy sold a 25% stake in the bailed-out bank.

Banco BPM (LON:0RLA) fell 4.0% after Deutsche Bank (ETR:DBKGn) downgraded it to "hold" from "buy" and removed it from its EU banks top picks.

Minutes from the Fed's latest policy meeting, where it held rates steady, are due at 1900 GMT (2 p.m. ET).

"The theme permeating the market is the Fed's battle with inflation has been won and that despite what the likes of Powell and his colleagues might be saying about another hike still being on the table, market does not really believe that message anymore," said Stuart Cole, head macro economist at Equiti Capital.

Meanwhile, European Central Bank (ECB) officials have actively tried to shoot down growing bets of rate cuts amid data signalling a sustained fall in inflation and a likely recession.

ECB policymaker Francois Villeroy de Galhau argued rates will likely remain unchanged for the next few quarters, a day after Pablo Hernandez de Cos noted it was "premature" to talk about rate cuts.

European equities are forecast to eke out a modest rise in 2024, a Reuters poll found, as optimism that global interest rates have peaked is offset by worries the economy could fall into a recession.

Rate-sensitive real estate stocks led sectoral losses, shedding 2.1%.

CPI Property Group closed 2.8% higher after falling as much as 6.2% after short-selling hedge fund Muddy Waters said it had bet against the credit of the Luxembourg-based commercial landlord.

Teamviewer dropped 12.4% after Deutsche Bank on behalf of TigerLuxOne (Permira) launched a placement of 13 million shares in the German software company at a discount of about 8% to Monday's closing price.

GEA Group slid 5.4% after a bookrunner said Groupe Bruxelles Lambert SA's unit Oliver Capital was selling 11.25 million shares in the German food-processing equipment maker.

LVMH (EPA:LVMH) eased 1.9% after UBS downgraded the French luxury giant to "neutral" from "buy". The sector was down 0.6%.

Swiss hearing aid maker Sonova topped the STOXX 600, gaining 5.4% after a smaller-than-feared warning on annual core profit.

Rheinmetall gained 3.7% as the German arms company expects sales of 13 billion-14 billion euros ($14.18 billion to $15.27 billion) in revenue in 2026 and operating margins of more than 15%.

Italian shares lag European peers as banks drag, investors await Fed minutes
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email