ABN Amro Surges on Goldman Sachs Upgrade; EuroStoxx 50 Hits Record High
European markets experienced a mixed day of trading, with bank stocks, particularly ABN Amro, surging in popularity following a significant upgrade from Goldman Sachs. The EuroStoxx 50 and Swiss SMI both made gains, while the US government shutdown cast a shadow over markets.
Goldman Sachs analyst Chris Hallam boosted ABN Amro's stock rating from 'Sell' to 'Buy', predicting a substantial improvement in returns over the next three years. This move drove ABN Amro shares up by 1.8 percent. The EuroStoxx 50 also rose, gaining 0.3 percent to 5,660 points, following a record high the previous day. Meanwhile, the Swiss SMI climbed 0.7 percent to 12,509 points.
Steel stocks also performed well, with ArcelorMittal shares rising 1.2 percent to a level not seen since 2012. This positive trend was sparked by a favourable sector comment from investment bank Exane BNP Paribas. The British FTSE 100 also made gains, increasing by 0.6 percent to 9,484 points.
Despite the positive trends, the ongoing US government shutdown has been acting as a dampener on markets. Key economic reports used by the US Federal Reserve for its monetary policy decisions have been postponed indefinitely due to the shutdown. Nevertheless, the EuroStoxx 50 is on track for a weekly gain of nearly 3.0 percent, indicating overall strength in European markets.
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