Trump’s Win Boosts Europe Banks as Broader Market Erases Advance
- Lenders’ valuations at highest since January versus Stoxx 600
- Commodity producers rise; Vivendi, Siemens climb on earnings
European Stocks Close Lower After Early Gains
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European lenders got a second-day boost after Donald Trump’s presidential win on speculation his term will lead to increased inflation and an easing of financial rules.
UBS Group AG and Credit Suisse Group AG, which get more than 35 percent of their revenues from the Americas, helped lead the rally that pushed Europe’s banks to their best four-day jump since July. The biggest Swiss lender surged the most since 2011, while Credit Suisse climbed 4.9 percent. A gauge tracking the industry reached its highest level since March, maintaining gains even as a slump in bond proxies such as utilities an real estate companies dragged the benchmark Stoxx Europe 600 Index lower.