Overseas Trading: Bank Stocks Lead Europe Higher

Japan's Nikkei suffered its sixth loss in the last seven sessions amid a stronger yen

Feb 10, 2016 at 8:38 AM

With most Asian markets still closed for the Lunar New Year, Japan's Nikkei was once again on center stage. The index fell for the sixth time in the past seven sessions, giving up 2.3% as financial and commodity stocks were routed. Meanwhile, a stronger yen continued to weigh on exporters, with the automotive and electronics sectors taking it on the chin.

By contrast, European stocks are booming ahead of Fed Chair Janet Yellen's congressional testimony, which kicks off today. Banking names have been especially strong, led higher by Deutsche Bank -- up 13% amid bond buyback buzz, and helping the German DAX to a 2.4% intraday lead. Elsewhere, London's FTSE 100 and France's CAC 40 have tacked on 1.2% and 2.5%, respectively, despite industrial production numbers falling short of estimates in both nations.

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