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Chipmakers, banks prop up European stocks after Fed cools mood

Published 06/26/2019, 03:26 PM
Updated 06/26/2019, 03:30 PM
Chipmakers, banks prop up European stocks after Fed cools mood
KNEBV
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IFXGn
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TKAG
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MU
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DLGS
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STOXX
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AMS
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SX7P
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WAFGn
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 26 (Reuters) - European stock markets fell early on
Wednesday, as bets on an aggressive half-point cut in U.S.
interest rates collapsed following Wednesday's message from
Federal Reserve, soothed in part by strong results from
chipmaker Micron Technology.
Fed Chair Jerome Powell said on Tuesday the central bank is
"insulated from short-term political pressures", pushing back on
pressure from President Donald Trump to cut interest rates and
saying a cut next month is not locked in. Markets still firmly expect the U.S. central bank to ease
policy but comments from Powell and others were enough to weaken
bets on the decisive new support for growth that has driven
stock markets steadily higher this month.
The pan-European STOXX 600 index .STOXX fell 0.3% by 0706
GMT. Banking stocks .SX7P , which unlike consumers, retailers
or manufacturers tend to benefit from higher interest rates,
outperformed.
Micron's MU.O better-than-expected results overnight
supported semiconductor companies globally, with European
players Infineon IFXGn.DE , Siltronic WAFGn.DE , Dialog Semi
DLGS.DE and AMS AMS.VI all up between 0.6% and 1.3%.
Thyssenkrupp TKAG.DE gained 3%, and was among the biggest
gainers on the main index, on a report of a possible takeover
offer by Kone KNEBV.HE for the German company's elevator
business.

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