During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
European equities bounce off, as Turkey stress relieves
On Tuesday, European equities rebounded after two days of extensive selling because market participants’ worries over the Turkish currency downtime relieved a bit due to reassurances from the Turkish government and major bank.
The Turkish lira managed to strengthen after on Monday the country’s key financial institution had promised to provide liquidity responding to the downtime that unsettled the financial markets worldwide.
Market participants were also soothed by news that Finance Minister Berat Albayrak is going to hold a meeting with American investors and also with those from the Middle East and the European Union.
Financials appeared to be the top-notch driver. Euro zone bank equities SX7E managed to rally by 0.8%, assisting to push the STOXX 600 up, enabling it to gain 0.4%.
Financial institutions had been the worst impacted by worries over Turkey. As a result, the index slipped to a 21-month minimum.
The equities of Antofagasta headed south by 4.1% because the Chilean copper producer informed that first-half earnings went down because of weaker ore quality as well as higher costs. Moreover, trade tensions affected demand.
In addition to this, Swiss dental implant maker Straumann happened to be a top performer after outcomes. Its revenue soared by 4.6% after it had its full-year revenue objective raised as organic sales surge surpassed 20% for the first time for 10 years.
German utility RWE tacked on by 2.4% after it told that its Innogy deal appeared to be on track and also posted in-line first half revenue.
The equities of Siltronic inched down by 4.8% because Citi had its recommendation on the stock cut to the status "neutral".
The equities of German industrial equipment manufacturer Duerr soared by 3.6% due to the fact that local broker M.M. Warburg upgraded the stock from “hold” to "buy."
Saipem stocks tacked on by 2.6%.
More tariffs were introduced
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The week will bring us fresh updates on Brexit and the last ECB meeting with outgoing president Mario Draghi.
De-escalation between the US and Turkey and News for the GBP are on the agenda