European stocks head south

August 29, 2016

On Monday, European shares traded mostly lower, as financial markets were still digesting Friday’s remarks by Fed Chair Janet Yellen. During European morning trade, the EURO STOXX 50 sank 0.38%, French CAC 40 descended 0.32%, while German DAX 30 lost 0.63%.

Financial stocks traded mostly higher, as French lenders BNP Paribas as well as Societe Generale grew 0.23% and 0.55% respectively. At the same time German Commerzbank along withDeutsche Bank soared 0.22% and 1.33% respectively.

On Friday, at the Jackson Hole symposium, Janet Yellen informed that the case for American interest rate lifts seems to be more justified due to evident improvements in the labor market as well as expectations for solid economic growth.

On the other hand, she didn’t indicate when the US number one financial institution would act in this direction, telling that higher interest rates will depend exactly on incoming economic data.

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