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European stocks rally ahead of Yellen testimony

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Stock markets in Europe rallied as investors anticipate a dovish talk from the Fed chief Yellen at testimony on the economy before congressional committees today and tomorrow.

    At the time of writing, pan-European Euro Stoxx 50 index was up 2.7%. Germany’s DAX was up 2.6%. France’s CAC and UK’s FTSE was up 2.5% and 1.2% respectively.

    Banking stocks witnessed a relief rally after Deutsche bank said it is considering bond buyback to help ease concerns about its funds. Shares in Deutsche bank were up more than 15%. In Dublin, Bank of Ireland shares were trading up 4.5%.

    Earlier Japan’s Nikkei share average closed at its lowest level since October 2014.
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