off-the-wire

European banks surge on strong Q1 results from U.S. peers

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, April 14 (Reuters) - European banks surged on Friday, rising to a one-month high, gaining support from U.S. lenders, which reported better-than-expected results in the first quarter.

The STOXX 600 index of European banks (.SX7P) gained as much as 3% to reach its highest since mid-March after JPMorgan (JPM.N), Citigroup (C.N) and Wells Fargo WFC.N beat estimates.

Banks largely outperformed the broader market, with the STOXX 600 (.STOXX) index climbing 0.6% as risk assets gained support from expectations the U.S. Federal Reserve may soon finish raising interest rates.

Germany's Commerzbank (CBKG.DE) and Deutsche Bank (DBKGn.DE) rose 5% and 4.2%. Societe Generale (SOGN.PA), UBS (UBSG.S), Credit Suisse (CSGN.S) and BPER Banca (EMII.MI) rose between 2% and 4%.

In London, Standard Chartered (STAN.L) shares rose 4.3% to three-week highs, Barclays (BARC.L) shares were up 3%, touching a five-week high, while HSBC (HSBA.L) shares up 3.1% to one month highs.

(This story has been refiled to fix a typo in paragraph 1)

Reporting by Joice Alves; Editing by Amanda Cooper
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.