European stocks were little changed at the start of a week in which investors will focus on monetary policy cues from central banks around the world.
The Stoxx Europe 600 Index added less than 0.1 percent at 8:24 a.m. in London, with miners leading gains. The benchmark has climbed in March as traders priced in a potential U.S. interest-rate increase amid hawkish comments by Federal Reserve officials. Banks have outperformed all other industry groups this month as government bond yields rose.
- The Fed announces its rate decision on Wednesday, with traders betting a hike is virtually certain. That’s followed by policy updates from central banks in the U.K., Switzerland and Japan.
- “Although the Fed rate hike is priced in at 100%, the Fed watchers will be focused on the dot plot to catch any hints regarding the future of the Fed policy,” Ipek Ozkardeskaya, a market analyst at London Capital Group, wrote in a note. “The Fed could steepen the rate normalization in 2017 and hike rates more than three times as anticipated until the beginning of March.”
- Among shares active on corporate news, Amec Foster Wheeler Plc surged 21 percent after John Wood Group Plc agreed to acquire it in an all-share deal that values the engineering-service provider at about 2.23 billion pounds ($2.7 billion). Wood Group rallied 7.4 percent.
- Commodity producers in the Stoxx 600 tracked gains in copper, snapping their longest losing streak since November 2015.
Ensco plc (ESV) ended last trading session with a change of 1.98 percent. It trades at an average volume of 10.45M shares versus 12.85M shares recorded at the end of last trading session. The share price of $8.74 is at a distance of 34.74 percent from its 52-week low and down -28.98 percent versus its peak. The company has a market cap of $2.6B and currently has 297.06M shares outstanding. The share price is currently -13.28 percent versus its SMA20, -17.58 percent versus its SMA50, and -6.5 percent versus its SMA200. The stock has a weekly performance of -11.81 percent and is -9.99 percent year-to-date as of the recent close.
Endo International plc (ENDP) recently recorded 2.75 percent change and currently at $10.82 is 4.14 percent away from its 52-week low and down -74.6 percent versus its peak. It has a past 5-day performance of -11.67 percent and trades at an average volume of 8.47M shares. The stock has a 1-month performance of -11.96 percent and is -34.3 percent year-to-date as of the recent close. There were about 222.87M shares outstanding which made its market cap $2.41B. The share price is currently -13.29 percent versus its SMA20, -18.65 percent versus its SMA50, and -36.76 percent versus its SMA200.