Sunday 19 November 2017

UBS propels European shares to seven week closing high

Traders on the floor at the New York Stock Exchange
Traders on the floor at the New York Stock Exchange

EUROPEAN shares rose to seven-week highs on Monday, led by financials after upbeat quarterly results from UBS.

Shares in the Swiss lender added 2.5pc in heavy volume that was three times the index average after it came out early with better-than-expected results.

The FTSEurofirst 300 index of top European shares provisionally closed 0.2pc higher at 1,211.33 points, after rising to as high as 1,213.24 points during the session, the index's highest level since early June.

"The spotlight is finally back on corporate results. Earnings have been relatively good so far, particularly from U.S. banks, and there's another 160 S&P 500 firms set to report this week," FXCM analyst Vincent Ganne said.

"The mood is very bullish. U.S. indexes are hitting record highs; we're not there yet in Europe but we've crossed big resistance levels."

 

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