Overseas Trading: European Stocks Stage a Relief Rally

Stocks in Europe arehigher following two days of heavy losses

Jun 28, 2016 at 8:59 AM
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Asian stocks finished mixed today, following yesterday's post-"Brexit" bounceback. China's Shanghai Composite outpaced its regional peers -- adding 0.6% -- while Hong Kong's Hang Seng sank 0.3%. In Japan, the Nikkei rose once again, this time adding 0.1%, as a strengthening yen stoked stimulus hopes. Over in South Korea, however, the Kospi dropped 0.5%. 

Stocks are staging a relief rally in Europe, even though Standard & Poor's downgraded the U.K.'s credit rating to AA from AAA. Elsewhere, ahead of the first summit among European Union (EU) leaders in the wake of the "Brexit" referendum, German Chancellor Angela Merkel took a hard line with exiting U.K. Prime Minister David Cameron, saying, "My only advice to our British friends is: Don’t delude yourself about the necessary decisions that need to be taken."

Among the top gainers were banking stocks, a stark reversal from the sharp losses seen in previous sessions. London's FTSE 100 and Germany's DAX have each added 2.8%. The French CAC 40 is closed.

Overseas Trading 2 June 28

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