European shares touch two-week high

Dhaka,  Monday,   2016-09-22
Published : 22 Sep 2016, 15:52:09

European shares touch two-week high

European shares touch two-week high
European shares climbed to a two-week high on Thursday after the US Federal Reserve left interest rates unchanged and projected a less aggressive path for hikes next year and in 2018.

The Fed, however, signaled it could still tighten monetary policy by the end of this year as the labour market improved further.

The pan-European STOXX 600 index rose for a second straight session and was up 0.7 per cent by 0748 GMT after touching its highest level in two weeks.

However, the index is still down around 6.0 per cent so far this year.

Miners led the European stock market higher as the Fed's decision to keep rates unchanged pushed down the US dollar on currency markets.

The STOXX Europe 600 Basic Resources index rose 2.8 per cent to its highest level since the middle of August.

Shares in BHP Billiton, Anglo American, Rio Tinto and Fresnillo were up 2.7 to 3.4 per cent.

Energy shares were also in demand after oil prices also rose on a weaker dollar, extending gains from the previous session.

The European oil and gas index was up 1.2 per cent, helped by a 1.3 to 1.5 per cent rise in BP, Royal Dutch Shell and Tullow Oil.

Among other sharp movers, EDF fell 2.4 per cent after the French nuclear power utility said it was cutting its 2016 earnings expectations due to lower output.

Banco BPI rose 3.8 per cent after Spain's Caixabank launched a bid for the Portuguese lender and slightly raised its offer price. Caixabank shares were down 2.4 per cent, according to Reuters.

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