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European stocks rally, FTSE up 1% despite Brexit fears

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The stock markets in Europe rallied along with oil and commodity prices, with UK’s FTSE rising more than 1% despite concerns Britain may vote to leave the European Union.

    At the time of writing, Euro Stoxx 50 index was up 2.3%. Germany’s DAX and France’s CAC were up 2% and 1.7% respectively.

    The mining heavy FTSE followed oil price higher even though London Mayor Boris Johnson, a political heavyweight in Cameron's ruling Conservative Party, on Sunday defied his leader and said he shall ask Britons to vote against EU membership in a June 23 referendum.

    In UK, All major mining and energy shares were leading the index higher. Names like Anglo American, BHP Billiton, Rio Tinto, Glencore, and Antofagasta were up 7.5% to 4%. German lender Deutsche Bank was up 3.3% as well.
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