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Banking gains prod European shares higher

Published 06/17/2019, 03:25 PM
Updated 06/17/2019, 03:30 PM
Banking gains prod European shares higher

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 17 (Reuters) - Deutsche Bank and HSBC-led gains in
banking stocks pushed European stock markets marginally higher
on Monday, while a fall in airline shares after a profit warning
from Germany's Lufthansa kept gains in check.
Deutsche DBKGn.DE , which has been cutting back and
reorganising for months, gained 2.9% after the Financial Times
reported that the German lender is planning to create a "bad
bank" that would house or sell assets valued at up to 50 billion
euros. Asia-focused Standard Chartered STAN.L and HSBC HSBA.L
rose about 1%, tracking a rise in Asian markets after Hong
Kong's leader Carrie Lam climbed down on the extradition bill at
the centre of a week of protests in the Chinese satellite.
The pan-European STOXX 600 index .STOXX rose 0.06% by 0712
GMT, with banking stocks .SX7P , rising .SX7P 0.7%.
Lufthansa LHAG.DE plunged 11.5% after the group lowered
its profit outlook for the full year 2019, citing price
competition from low cost rivals in Europe. EasyJet EZJ.L and International Consolidated Airlines
(IAG) ICAG.L fell 3.3% and 2.5%, respectively, and the travel
and leisure sector .SXTP dropped 0.8%.

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