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European banking shares extend winning streak
June 29, 2017 / 7:29 AM / in 5 months

European banking shares extend winning streak

MILAN, June 29 (Reuters) - European shares opened higher on Thursday as banks extended a winning streak after the U.S. Federal Reserve cleared capital return plans from big banks and tech stocks recovered as a bad month drew to an end.

Well-received results from firms including fashion retailer H&M and DS Smith also provided support to the broader market, helping the pan-European STOXX index rise 0.3 percent and UK’s FTSE gain 0.7 percent.

Banks rose for a fourth straight session as news from the Fed added steam to a rally already fuelled this week by hawkish central bank signals. Among the banks that were given the Fed green light were also U.S. units of Deutsche Bank and Santander, up 2.3 and 1.3 percent respectively.

The Germany heavyweight lender was also supported by news that a U.S. federal judge dismissed a lawsuit accusing it of concealing major deficiencies in its anti-money laundering controls as part of a $10 billion Russian trading scheme.

Tech stocks rose 0.5 percent, joining a global rebound in the sector but remained on track to end first negative month in eight. Europe’s biggest software maker SAP rose 0.6 percent after solid results at U.S. peer Progress Software. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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