European Stocks Close Higher With Central Banks in Focus; Commerzbank Hits 12-Year High
European stocks closed higher Tuesday, rebounding from a negative session at the start of the week as upcoming central bank meetings remained in focus.
The pan-European Stoxx 600 index provisionally closed 0.42% higher, trimming earlier gains. Banks were up 1% while autos were 0.96% higher.
Shares of Commerzbank hit a 12-year high on reports from Bloomberg that UniCredit is seeking approval from the European Central Bank to build up a 30% stake in the company. Shares later eased to close near-flat.
Elsewhere, retail stocks added 2.8%, led by British home improvement firm Kingfisher, which jumped more than 10% after it raised the lower end of its profit range on improved sales.
Investors are awaiting key monetary policy decisions the week, with the U.S. Federal Reserve widely expected to cut rates for the first time in four years on Wednesday. Market bets on a 50 basis point rate reduction from the Fed rather than the 25 basis point cut previously expected have jumped to over 50% this week, leaving an unusual level of uncertainty surrounding the decision.
Source : CNBC
