European shares open higher on bank boost, German DAX up 1.6%

Record ID: 1688932

  • Title: European shares open higher on bank boost, German DAX up 1.6%
  • Date: 12th September 2022
  • Summary: FRANKFURT, GERMANY (SEPTEMBER 12, 2022) (REUTERS) DAX BOARD AT FRANKFURT STOCK EXCHANGE TRADING FLOOR VARIOUS OF TRADERS TOP VIEW OF THE TRADING FLOOR TRADER DAX GRAPH POINTING UPWARDS TRADER BOARD SHOWING DAX STARTS AT 13,171.92 POINTS VARIOUS OF TRADERS VARIOUS OF BANK SHARES ON BOARD (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: “I think a lot is priced in by now. Let’s not forget the saying we have at the stock exchange: sell in May and go away but remember to come back in September. The markets seem to be somewhat adjusted and the motto now is: we have heard the bad news, we know the crises yet we want to see opportunities. That’s what’s helping the market right now.” BOARD SHOWING DAX INCREASE OF 153.43 POINTS OR 1.17% VARIOUS OF TRADERS BOARD SHOWING DAX LOW OF 13,165.78 POINTS AT 09:11 A.M. (0711 GMT) (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: “Electricity and gas prices are falling. They are still very high but they are falling. There is a good chance that nuclear plants in France will be running again in the autumn and that more coal can be transported to German rivers for coal-powered electricity plants. Something else is true too: Putin reduced gas deliveries to zero. He can’t go below zero so his joker is becoming useless.” VARIOUS OF TRADERS BOARD SHOWING DAX HIGH OF 13,241.61 POINTS AT 09:36 A.M. (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: “The ECB will keep increasing interest rates but not in a way which will tame inflation. They won’t do that because they are very concerned that it would hurt the economy even more. Also, the debt service in southern Europe’s indebted eurozone countries is getting more and more difficult. But at least the ECB is doing something and it helps the euro currency and it also helps the fight against inflation because a lot of raw materials are listed on a dollar basis.” TOP VIEW OF THE TRADING FLOOR
  • Embargoed: 26th September 2022 09:56
  • Keywords: DAX ECB Frankfurt stock exchange Ukraine war analyst inflation interest rates
  • Location: FRANKFURT, GERMANY
  • City: FRANKFURT, GERMANY
  • Country: Germany
  • Topics: Europe,Economic Events
  • Reuters ID: LVA001460812092022RP1
  • Aspect Ratio: 16:9
  • Story Text: European shares opened higher on Monday (September 12) as banks advanced for a third straight session on bets of more big interest rate hikes by the European Central Bank (ECB).
    The pan-European STOXX 600 index rose 0.2%, following its first weekly gain in four on Friday.
    In Frankfurt, the German DAX was up 214 points at 13,302 points some 90 minutes into trading, an increase of 1.64%.
    The banks sector index added 1.1% by 0715 GMT, extending gains since Thursday when the ECB raised its key rates by an unprecedented 75 basis points (bps) and promised further hikes. Several banks expect another 75 bps rate hike in October.
    “The ECB will keep increasing interest rates but not in a way which will tame inflation,” said Frankfurt analyst Robert Halver of Baader bank.
    “They won’t do that because they are very concerned that it would hurt the economy even more.”
    (Production: Andreas Buerger, Max Schwarz, Michele Sani)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2022. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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