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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

European stocks clock fresh record highs; miners slide

11/15/2021 | 05:43am EST

* STOXX 600, DAX, CAC 40 hit record highs

* Airbus boosts French stocks

* BBVA drags down Spanish benchmark index

Nov 15 (Reuters) - European shares hit another record peak on Monday after comments from European Central Bank Chief Christine Lagarde helped beat back bets of tighter monetary policy, while a fall in miners kept gains at bay.

ECB President Lagarde said the current inflation spike will be longer than once anticipated but would fade next year, so policy action now would hit the economy just as price growth starts to moderate on its own.

The continent-wide STOXX 600 index rose 0.4%, while Germany's DAX index gained 0.3%, as both gauges hit a new record highs.

"Comments from ECB governor Lagarde highlighted the ongoing dovishness in the face of inflationary pressures, with their first rate hike still slated for 2023," Joshua Mahony, senior market analyst at IG, said.

France's blue-chip CAC 40 also hit an all-time high, rising 0.5% on a lift from Airbus. The European planemaker received a multi-billion-dollar order for 255 single-aisle A321neo passenger jets from private-equity firm Indigo Partners' portfolio airlines.

The STOXX 600 has hit a series of record highs this month as strong corporate earnings and dovish central bank policy decisions lifted investor confidence, helping take the focus off a COVID-19 resurgence in the region.

Meanwhile, the European basic resources index slipped 1.1% as metal prices tumbled on China's pledge to "phase down" coal at the COP26 summit.

Data earlier in the day showed retail sales and industrial output growth last month in the world's second-largest economy beat expectations, fuelling global investor optimism.

The Austrian government on Sunday became the first European country to reinstate a fresh lockdown, placing millions of unvaccinated people under restrictions amid record-level infection rates.

"Across Europe, there has been further worry with rising COVID-19 cases, that restrictions could come back into place even as soon as the Christmas holidays," said Oliver Males, sales trader at Spreadex .

Among other stocks, Royal Dutch Shell added 2.1% after saying it would simplify its business and move its head office to Britain from the Netherlands.

Spanish Bank BBVA was the biggest drag on Spain's blue-chip IBEX, losing 4.3% on its offer to buy the rest of Garanti BBVA for up to 2.25 billion euros ($2.6 billion).

Shares of Philips, which is recalling ventilators due to use of parts containing a potentially hazardous foam, slid 10.6% after the company announced it was in talks with U.S. regulators following a new inspection of one of its facilities. (Reporting by Anisha Sircar and Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips, Aditya Soni and Andrew Heavens)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.18% 114.42 Real-time Quote.1.83%
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 1.09% 5.683 Delayed Quote.8.25%
PHILIPS NV -0.21% 29.005 Real-time Quote.-11.48%
TURKIYE GARANTI BANKASI A.S. 0.85% 11.92 End-of-day quote.5.77%
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Analyst Recommendations on TURKIYE GARANTI BANKASI A.S.
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Sales 2021 40 654 M 2 987 M 2 987 M
Net income 2021 12 751 M 937 M 937 M
Net Debt 2021 - - -
P/E ratio 2021 3,67x
Yield 2021 4,13%
Capitalization 50 064 M 3 671 M 3 678 M
Capi. / Sales 2021 1,23x
Capi. / Sales 2022 1,03x
Nbr of Employees 18 486
Free-Float 50,2%
Duration : Period :
Turkiye Garanti Bankasi A.S. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 14
Last Close Price 11,92 TRY
Average target price 14,34 TRY
Spread / Average Target 20,3%
EPS Revisions
Managers and Directors
Recep Bastug Manager-Commercial Area
Aydin Güler Manager-Financial Planning & Analysis
Süleyman Sözen Chairman
Emre Özbek Manager-Compliance
Muammer Cüneyt Sezgin Independent Director