On Friday, the 28th of June 2019, an upsurge in trade-sensitive German shares, largely buoyed by investors’ optimism over progresses on Sino-US tariff spat on G20 summit in Japan, had aided the European shares to post their best half-yearly gains in more than two decades, while investors appeared to be awaiting the outcomes of US-China trade talks to find out whether Friday’s (June 28th) rally could continue.
On Friday’s (June 28th) market wrap-up, the regional pan-European index STOXX 600 had added 0.7 percent, largely led by the gains of Frankfurt’s DAX, which had outperformed its other European peers with a gain of more than 1 percent.
In fact, DAX’s gain was largely galvanized by a strong upsurge of Deutsche Bank AG’s share price, which posted an intra-day gain of 3.3 percent after passing US Federal Reserve annual health check-up. Apart from that, the German lender’s latest attempt to cut as little as 20,000 jobs by next year to turn the bank into profitability by reducing costs, had also added to investors’ optimism.
However, adding that the Friday’s (June 28th) broad-based rally of European shares had been based on the hopes of a positive outcome of Trump-Xi meeting due to be taken place by Saturday (June 29th), a strategist of Rabobank, Bas Van Geffen said, “The market is still hoping that there might be a positive communication after the meet”.
Quoting statistics, on Friday (June 28th) market round off, London’s FTSE 100 added 0.31 percent to 7,425.63, Frankfurt’s DAX gained 1.04 percent to 12,398.80, while French CAC 40 rose by 0.83 percent to wind up the day at 5,538.97.