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Bank Shares Benefit From Giant US Profits
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The stock market barely ends the trading week
E Investors in Uropas shares have mostly kept their feet for the end of the week. Dax and EuroStoxx50 grew very slowly and with little turnover. At the close of trading, they were slightly down 0.5% at 12,540 and 3,454 points. But traders have spoken of a purely technical upward movement. For Wall Street, the American futures opened at the opening a little more. "The continued uncertainty of Donald Trump," said a trader. US President's Critics Against British Prime Minister Theresa May Put Pound Sterling On Forex Market
The focus was on the big US banks JP Morgan, Citigroup and Wells Fargo. The good economy and lower taxes pushed industry leader JP Morgan to make $ 8.3 billion in the second quarter. At Citigroup there was an increase of 16% to 4.5 billion dollars. Wells Fargo was disappointed: overwhelmed by a US Supreme Court decision in a tax dispute, profits fell 12 percent to $ 5.2 billion. Nevertheless, the investors took financial securities: The shares of the Deutsche Bank increased their earnings to 0.49%, the paper of Commerzbank gained 0.98%
The experts expect positive annual reports. -Companies. "Looking in the rearview mirror should be nice on the entire S & P 500 thanks to the effects of tax reform," said LBBW's Frank Klumpp strategist. It could be more critical of the prospects that could be strained by the Sino-US tariff dispute.
On the foreign exchange market, Trump's congratulations for Premier May's biggest rival, Boris Johnson, have fizzled out: many investors fear the British economy would suffer and would put more emphasis on the "sweet" Brexit proposed in May this week. The British currency has collapsed from about a US cent to a daily minimum of $ 13,103
In any case, the dollar has profited from speculation on rising US interest rates to the light of recent data on inflation. The euro dropped from half a penny to a daily minimum of $ 1,1613
Speculation over litigation related to the canceled takeover of American generic drug maker Akorn drove out the investors of Fresenius . Shares of the health company fell from three percent to a six-week low of 66.50 euros. Akorn wants to legally impose the 4.4 billion euro acquisition. Fresenius accuses the American company of fraud linked to counterfeit data, which Akorn rejects.
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