TEHRAN, Young Journalists Club (YJC) _The pan-European STOXX 600 was up 0.3 percent at 1017 GMT, extending the previous session’s gains. In early dealings, it had hit its highest since Oct. 10.
“It’s looking less robust in general,” as investors take a more cautious stance ahead of the U.S. Federal Reserve’s latest meeting later in the day, said Ken Odeluga, market analyst at CityIn
The banking and insurance indexes .SX7P .SXIP were among the top performing sectors, up 0.5 percent and 0.7 percent respectively.
Italy’s third-largest lender Banco BPM (BAMI.MI) jumped 8.9 percent after its third-quarter net profit beat forecasts thanks to lower costs and an asset sale that helped offset flat fees and falling interest income.
Investors shrugged off news that UBS (UBSG.S), Switzerland’s largest bank, faces another potentially costly legal battle as the U.S. Department of Justice draws up civil charges over the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.
The bank has said it will contest any complaint vigorously.
Analysts at Zuercher Kantonalbank reckon more than half of the 1.2 billion Swiss francs ($1.20 billion) UBS has set aside for non-core legal risks was dedicated to the U.S. case.
“UBS was one of the most high profile banks that hasn’t suffered from DoJ investigation. It was one of the smaller issuers, which is may be why the DoJ has probably left them til last,” said CityIndex’s Odeluga.
Sodexo (EXHO.PA) was flying high after the world’s second-bi