- Title: Dax continues to recover after U.S. election
- Date: 10th November 2016
- Summary: FRANKFURT, GERMANY (NOVEMBER 10, 2016) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE TRADING FLOOR TRADERS LOOKING AT MONITORS ELECTRONIC BOARD SHOWING DAX CURVE VARIOUS OF TRADERS LOOKING AT MONITORS ELECTRONIC BOARD SHOWING HIGH OF DAX VARIOUS OF EXCHANGE BROKER WITH ICF BANK, ARTHUR BRUNNER, AT MONITOR ELECTRONIC BOARD SHOWING SHARE PRICES (SOUNDBITE) (German) EXCHANGE BROKER WITH ICF BANK, ARTHUR BRUNNER, SAYING: "Today the market looks optimistically towards the U.S. Everybody anticipated rising interest rates, and that strengthens the dollar since people expect more profits in dollar versus euros. Banking and finance portfolios are clearly winning today because higher profits are expected." ELECTRONIC BOARD SHOWING LOWS OF DAX TRADER (SOUNDBITE) (German) EXCHANGE BROKER WITH ICF BANK, ARTHUR BRUNNER, [ABOUT ADVANCED PRAISE OF TRUMP'S ECONOMIC POLICY] SAYING: "Sure, optimism plays a great role. Everyone has been looking at the central banks for the last years, and now everybody hopes now for new impulses coming from politics. And that got a lot of advanced praise." TRADING FLOOR ELECTRONIC BOARD SHOWING CHANGES IN DAX TRADER ELECTRONIC BOARD SHOWING DAX CURVE TRADING FLOOR
- Embargoed: 25th November 2016 14:18
- Keywords: markets stock exchange shares DAX
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA00157V2MBX
- Aspect Ratio: 16:9
- Story Text: European stocks rose on Thursday (November 10) following extraordinary gains in Asia and Wall Street was set to open higher again, as exuberance shot through markets and reversed initial dives in reaction to Donald Trump's U.S. presidential victory.
"Today the market looks optimistically towards the U.S.," said exchange broker with ICF bank, Arthur Brunner.
"Everybody anticipated rising interest rates, and that strengthens the dollar since people expect more profits in dollar versus euros. Banking and finance portfolios are clearly winning today because higher profits are expected," he added.
The Dax started the day 0.5 percent higher at 10,701 points, supported by the gains of the Siemens shares. After an initial shock, the German share index did not get rattled by the win of the controversial Donald Trump in the U.S. presidential elections and gained about 1.6 percent.
Investors focused on Trump's priorities - including tax cuts and higher infrastructure and defence spending, along with bank deregulation - and set aside for the moment longer-term worries about whether he will slap punitive tariffs on Chinese and Mexican exports, risking a global trade war.
"Sure, optimism plays a great role. Everyone has been looking at the central banks for the last years, and now everybody hopes now for new impulses coming from politics. And that got a lot of advanced praise," Brunner said.
European stocks hit a two-week high, with the pan-European STOXX 600 index up 1.3 percent in early dealings before trimming gains to around 0.7 percent, and "safe haven" government bonds sold off after Trump suggested he would spend billions on infrastructure. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2016. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None