7/12/2016, 5:35 PM (Source: TeleTrader)
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European stocks end with healthy gains

European investors traded with confidence on Tuesday, with the uncertainty about who will be the British prime minister ending. Theresa May will take over from David Cameron on Wednesday. Meanwhile, a boost for banking sector came from Italy, where UniCredit S.p.A. disclosed it has gathered €328 million after placing 10% of its online broker FinecoBank S.p.A. at the market for €5.40 per share.

The bank heavy-weighted FTSE MIB rose 2.92% to close at 16,735 points. UniCredit shares jumped 13.99%. Intesa, Ubi Banca, Banca Popolare Emilia Romagna, Mediobanca – all gained anywhere between 5% and 10%, but FinecoBank shares dell 1.22%.

In London, the FTSE 100 edged down 0.08% to close at 6,677 points, with banks leading in gains along with home builders.

The German DAX index rose 1.43%, closing at 9,974 points. Car makers and banks were the top advancers, while chemicals declined or saw very modest gains.

In Paris, the CAC 40 added 1.62% and closed at 4,333 points. Industrial and banking stocks were the best performers. The Euronext 100 ended up 1.24%.

The Spanish Ibex 35 index rose 2.42% and the pan-European Stoxx 600 finished 1.17% higher.

In Zurich, the Swiss Market Index edged up 0.20%.

Oil prices rose sharply, which helped those car maker shares rise around Europe: Brent leapt 3.22% to $47.79 a barrel and WTI rose 3.05% to $46.17 a barrel at ICE Futures Europe at 5:23 p.m. CET.

The euro rose 0.07% against the U.S. dollar and jumped 1.70% versus the Japanese yen, and was 1.70% weaker versus the surging British pound, but gained 0.50% on the Swiss franc at 5:30 p.m. CET. Gold fell 1.29% to $1,338.09 per fine ounce at 5:34 pm. CET.

Breaking the News / ZR