European stocks open higher on the banking sector's gains

2019-06-17 12:58:22 GMT (
European stocks open higher on the banking sector's gains

European shares rose on Monday morning in the first session of the week, boosted by the banking and financial sector gains, which remain limited as fears of the global trade wars continue, in addition to the increasing signs of slowdown to the Chinese economy in the second quarter of this year.


As of 10:45  GMT, Stoxx Europe 600 rose more than 0.1% while the index ended lower by 0.4% on Friday, its second daily loss in the last three days on weak Chinese data.


The index rose on Monday on the first session of the week, with most of the major bourses and sectors in the positive region.


The banking and financial sector led the gainers list in Europe with a gain of more than 0.7%, as Deutsche Bank, Standard Chartered and HSBC stocks rose.


Deutsche Bank rose more than 2% after "Financial Times" reported that the bank plans to set up a bad bank for high-risk to hold assets worth up to 50 billion euros.


US Commerce Secretary Wilbur Ross told CNBC television on Monday that US President Donald Trump will be very happy to impose tariffs on the remaining $300 billion worth of Chinese imports to resolve the two countries' failure to reach a comprehensive trade deal.


Ross said that Trump is thinking "very seriously" of imposing tariffs on all car imports, including those from the European Union.


Chinese government data showed on Friday that China's industrial production rose in May at the lowest pace in more than 17 years, as production grew by 5.0%, lower than the 5.4% forecast, while it rose 5.4% during April, in the latest sign of a demand slowdown in the world's second-largest economy.


S&P 500 futures rose by more than 0.2%, while the index ended Friday's session on Wall Street down by 0.2%.


Euro Stoxx 50 index rose by 0.1%. with France's the CAC 40 index rising by 0.2%. while in Germany, the DAX rose by less than 0.1%. with London's FTSE 100 shedding 0.1% unlike the European trend.

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