Markets

European shares ease from peak, London outperforms on banking boost

Stocks ease ahead of key inflation reading in US

Photograph: iStock

Tue Jul 13 2021 - 08:43

European stocks eased from all-time highs on Tuesday, ahead of a key US inflation reading, but British banks kept UK’s Ftse 100 afloat after a central bank move to scrap curbs on dividends.

The pan-European Stoxx 600 index slipped 0.2 per cent after hitting a record high in early trading.

Barclays, HSBC, and Lloyds Banking Group rose between 1.3 per cent and 1.5 per cent after the Bank of England scrapped pandemic-era restrictions on dividends from top lenders.

UK’s Ftse 100 rose 0.2 per cent, while other main regional indexes fell.

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Finnish telecom equipment maker Nokia jumped 5.2 per cent after it said it planned to raise its full-year outlook as business picked up pace in the second quarter.

Healthcare stocks fell 0.8 per cent after a near 1 per cent surge in the previous session. Frankfurt-listed shares of genetic testing company Qiagen NV dropped 4.5 per cent after it lowered its outlook on weaker demand for Covid-19 tests. – Reuters

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