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European markets mixed amid earnings; Spain’s IBEX, banks rise – CNBC

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European stocks eked out slight gains Monday late afternoon as investors reacted to corporate earnings and continued to monitor a recovery in Spanish shares.

The pan-European Stoxx 600 was up 0.1 percent, with sectors and major bourses pointing in opposite directions. Spain’s IBEX 35 however was seen outperforming fellow markets, up more than 2.5 percent.

During Monday’s session, euro zone stocks hovered close to their highest level in a decade according to Reuters, as a healthy economy and well-received earnings reports appeared to offset lingering political uncertainty.

Apple pre-orders ‘off the charts’

Technology stocks were supported by solid earnings from U.S. tech giants in the previous session. Ahead of its earnings report later in the trading week, Apple said pre-orders for the 10th anniversary iPhone X were “off the charts” on Friday. Semiconductor companies Dialog Semiconductors and AMS trading close to the top of the STOXX 600.

Back in Europe, Spain moved to sack Catalonia’s regional government leader on Friday, shortly after Catalonia had declared independence from Spain. Madrid also dissolved the Catalan parliament and called for fresh regional elections.

Aside from Spain’s IBEX 35 jumping sharply higher, several Spanish banks posted strong gains Monday, with Banco de Sabadell, Caixabank, BBVA and Banco Santander all hitting the top of the European banks sector.

Oil prices fluctuated on Monday, with Brent crude and U.S. WTI pointing in different directions. These moves come as sentiment was lifted on hopes of an extension to the current OPEC-led production cuts; however rising exports from Iraq capped gains.

Energy outperformed other sectors however, rising 1.25 percent, with oil and gas stocks Tullow Oil and Saipem rising near to the top of European benchmarks.

Not a Scientific Survey. Results may not total 100% due to rounding.


European markets mixed amid earnings; Spain’s IBEX, banks rise – CNBC

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