At the start of today’s trading on European exchanges, stock prices have risen, continuing a positive streak for the third consecutive day, with the banking sector among the biggest winners. The FTSEurofirst index of 300 leading European stocks strengthened by 0.3 percent to 1,038 points by 9:30 AM, marking a new highest level in the last 14 months.
At the same time, the London FTSE, Paris CAC, and Frankfurt DAX indices were up about 0.7 percent. "The rise in stock prices is partly due to ‘portfolio dressing’, as fund managers want to ensure they have good positions at the end of the year. Therefore, the price increase could last until the end of the year. However, the higher we climb, the greater the correction will be later. Because the market never rises in a straight line," says Justin Urquhart Stewart, director of Seven Investment Management. This morning, the banking sector was among the biggest winners. Stock prices of BNP Paribas, Banco Santander, Barclays, HSBC, and Societe Generale rose between 0.4 and 1 percent. The Tokyo Stock Exchange was closed today due to a holiday. (H)
