On Wednesday, European stock markets went up to their highest level in four weeks as bank shares performed really well. The Stoxx Europe 600 (a major index of European shares) , climbed 0.8% by early afternoon in London.
Some bank stocks that performed well included:
- Italy’s stock market rose 1.6%, reaching its highest level since 2007.
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One of the biggest movers was UniCredit a big Italian bank, went up 4.6% in value, its best price since 2011. Even though Germany is against its plans to buy another bank, Commerzbank to about 20%.
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French bank Societe Generale also climbed 4%.
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A wider index that follows eurozone banks went up by 2.7%, reaching its highest level since 2010.
Investors are also keeping a close eye on trade talks happening in the US, which could affect markets worldwide. U.S. President Donald Trump plans to add a 50% tax on imported copper and new tariffs on semiconductors and medicines. Because of this, some drug company stocks fell, including:
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Zealand Pharma (down 2.7%)
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Novo Nordisk (down 1.5%)