European Stocks End Day with Gains
European stock markets finished higher on Wednesday, with the Stoxx 600 provisionally rising by 0.26%, marking its fourth consecutive session of gains.
The positive trend was fueled by France’s CAC 40, which increased by 0.7%. In contrast, the U.K.’s FTSE 100 remained relatively flat, while Germany’s DAX experienced a slight decline of 0.34%, recovering from earlier losses.
Strategist Warns on European Market Performance
Lindsay James, an investment strategist at Quilter Investors, shares insights on the economic outlook for Europe and the U.S., indicating that fundamental factors still favor the latter.
Turkish Stock ETF Drops Following Rival’s Arrest
An exchange-traded fund tracking Turkish stocks saw a significant drop on Wednesday after opposition leader Ekrem Imamoglu was arrested. The iShares MSCI Turkey ETF (TUR) fell by 11.4%, potentially marking its worst day since December 17, 2021.
U.S. Stocks Start Day on Positive Note Ahead of Fed Meeting
U.S. markets opened higher on Wednesday. The S&P 500 gained 0.3%, with the Nasdaq Composite increasing by 0.5%, while the Dow Jones Industrial Average rose 85 points, or 0.2%.
Resistance to BBVA-Sabadell Merger from 70 Spanish Entities
César González-Bueno, CEO of Banco Sabadell, addressed the opposition from around 70 entities against the potential merger with BBVA, highlighting concerns over competition.
German Defense Stocks Decline After Spending Package Approval
German defense stocks dropped in mid-morning trading after the parliament approved a significant fiscal package aimed at increasing defense and infrastructure spending. Notable declines were seen in companies like Rheinmetall, which fell 6.3%, along with Brenntag and Hensoldt, which saw losses of 10% and 8.5%, respectively.
BBVA Moves Towards Hostile Takeover of Banco Sabadell
BBVA announced Wednesday that it received approval from Morocco’s central bank for an indirect change in control involving its operations in Banco Sabadell. The CEO emphasized that they now only require approval from the Spanish Competition Authority to proceed with the takeover.
