Italian bank & tech sectors tossed European stocks to 12-week high

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Italian bank & tech sectors tossed European stocks to 12-week high

On Wednesday, the 6th of February, 2019, the European shares closed the market just an inch shy of 12-week high, largely catapulted by robust gains in tech stocks, alongside the Italian banks, while Ubisoft sagged followed by a revenue warning from the Electronic Arts, the US video game maker.

By the day’s market closure, the Pan-European STOXX 600 managed to secure a gain of 0.2 percent, although the STOXX 600 had experienced severe volatility, having sideways movement in and out of the negative territories throughout the day.

While breaking down the figure region wise, the stocks displayed a wicked mooring, while Germany’s export sensitive DAX dropped 0.4 percent and Paris’s CAC 40 drained 0.1 percent of its previous gain. Nonetheless, the Italy’s FTSE MIB jumped 0.8 percent in the intra-day trading.

An upsurge of the Italian stocks was largely driven by the rebounds of banking sectors, which reversed their courses yesterday. Today’s boost in the STOXX 600 was largely galvanized by the surge of Intesa Sanpaolo as well as Unicredit, which climbed 2.4 and 4.4 percent respectively.

Besides, the shares of ING jumped by 6.1 percent, after report had revealed a better-than-expected earning, solely skied by raising interests and fees. Apart from that, the tech stocks had spiked to a 12-week high following strong earnings from French software company, Dassault Systems, which soared over 10 percent following a much stronger-than-expected earnings report.