European Equity Market Handover: The Fed still caps

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Stock market snapshot as of [2/5/2019 2:22 PM]

  • Patches of green are appearing among U.S. stock index futures as the over-reaction to the Federal Reserve’s more balanced commentary on the rates outlook than markets desired starts to unwind
  • The malaise is slower to lift in Europe, where only the DAX is lifted into shallow positive territory by strong results
  • Another sobering Bank of England statement also added some gloom, despite policymakers’ attempt to portray Britain’s economy as straining at the leash of inflation. The MPC cut some CPI forecasts

Corporate News

  • Large British stocks were in focus, led by Lloyds Banking Group, whose shares are down about 2% after disappointing earnings and Royal Dutch Shell which leads blue-chips after beating forecasts
  • UK mid-cap Metrobank fell 19% at one point after noting recent regulatory action triggered a short-lived run on deposits. It also missed earnings expectations
  • Germany’s VW and Bayer and France’s BNP Paribas were among European groups with pleasant earnings surprises that buoyed their shares

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