Deutsche Bank drags European shares into worst week since August
Reuters
Published Feb 02, 2018 03:35AM ET
Deutsche Bank drags European shares into worst week since August
MILAN (Reuters) - European shares fell on Friday and were set for their biggest weekly loss in six months as a slump in Deutsche Bank (DE:DBKGn) after a bigger-than-expected loss hit the heavyweight banking sector.
A 5 percent drop in shares of the German lender and losses in most sectors dragged the pan-European STOXX 600 index down 0.4 percent by 0810 GMT, set for its fifth straight session of declines. Germany's DAX fell 0.8 percent and the UK's FTSE dropped 0.4 percent.
The STOXX is down 2.2 percent so far this week, its biggest weekly loss since August, as rising bond yields on expectations of tighter monetary policy and a strengthening euro weighed.
The banking sector, which benefited at the start of the year from a rotation into cyclical stocks, fell 0.5 percent, also weighed down by a 3.5 percent drop in Spain's Caixabank after its quarterly update.
Nokian Tyres fell 4.9 percent following weak Russian sales figures, while AstraZeneca declined 1.6 percent after the drugmaker predicted an increase in 2018 drug sales at a low single-digit percentage rate.
Capita was the biggest gainer on the STOXX, up 6.6 percent, as the British outsourcer rebounded from heavy losses that followed its profit warning on Wednesday.
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Written By: Reuters
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