In­ter­na­tional Mar­kets Re­port

Malta Independent - - FINANCIAL - Fi­nan­cial news com­piled by BOV Group This ar­ti­cle was com­piled by Val­letta Fund Man­age­ment Limited, a mem­ber of the BOV Group.Val­letta Fund Man­age­ment,TG Com­plex, Suite 2, Level 3, Brew­ery Str., Mriehel BKR 3000 Freep­hone: 80072344. E-mail: in­fovfm@bov.co

Euro­pean stocks ad­vanced as in­vestors spec­u­lated that the re­cent sell­off was over­done, while Deutsche Bank AG headed for its best day in more than two weeks.

Ger­many’s big­gest bank rose 2.2 per­cent af­ter agree­ing to sell its U.K. in­sur­ance unit Abbey Life As­sur­ance Co. to Phoenix Group Hold­ings for 935 mil­lion pounds ($1.2 bil­lion) and Chief Ex­ec­u­tive Of­fi­cer John Cryan ruled out a cap­i­tal in­crease.

The Stoxx Europe 600 In­dex added 0.7 per­cent to 342.47 at 11:07 a.m. in Lon­don, af­ter ear­lier ris­ing as much as 1.2 per­cent. The eq­uity benchmark is on course to end the month down 0.3 per­cent af­ter con­cern over lenders’ cap­i­tal buf­fers sparked a sell­off that dragged it to its worst day since July on Mon­day, off­set­ting op­ti­mism that cen­tral banks will main­tain loose mon­e­tary poli­cies.

Ger­many’s DAX In­dex jumped 0.9 per­cent, snap­ping a three-day los­ing streak, with Linde AG lead­ing gains af­ter San­ford C. Bern­stein & Co. said Prax­air Inc. Chief Ex­ec­u­tive Of­fi­cer Steve An­gel de­scribed the in­dus­trial-gases com­pany as a “com­pli­men­tary fit.”

Deutsche Bank was among the best-per­form­ing Euro­pean lenders as in­vestors fo­cused on Cryan’s com­ments amid con­flict­ing re­ports about pos­si­ble sep­a­rate con­tin­gency plans in case it needs ad­di­tional cap­i­tal. The shares tum­bled to a record low this week amid con­cern about its cap­i­tal lev­els af­ter the U.S. Jus­tice Depart­ment re­quested $14 bil­lion to settle a probe into res­i­den­tial mort­gage-backed se­cu­ri­ties.

Asian stocks fell, pushed down by de­clines in Japanese shares and a weaker oil price as hopes of an out­put cut fiz­zled. The MSCI Asia Pa­cific In­dex de­clined 0.9 per­cent to 140.66 as of 1:36 p.m. in Tokyo. The Topix in­dex dropped 1.7 per­cent, the most in two-anda-half weeks, as more than half the com­pa­nies on the benchmark traded with­out the right to the next div­i­dend, a bian­nual event in Ja­pan that typ­i­cally sends the mar­ket lower to re­flect the ef­fect of the pay­out on com­pa­nies’ as­sets.

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