European Stocks Close Mixed

By Investors Hub

European stocks have turned mixed on Thursday as concerns over the recent strength of the euro have partly overshadowed gains in the banking and commodity-related sectors.

While the U.K.’s FTSE 100 Index is up by 0.2 percent, the German DAX Index is down by 0.5 percent and the French CAC 40 Index is down by 0.9 percent.

Deutsche Bank shares have risen after a U.S. federal judge dismissed a lawsuit accusing the bank of concealing major deficiencies in its anti-money laundering controls.

Commerzbank, BNP Paribas, Credit Agricole and Barclays have also climbed as all big U.S. banks cleared the annual “stress tests” run by the Federal Reserve.

HSBC Holdings has jumped after Morgan Stanley upgraded its rating to Overweight in a research note issued to investors.

Mining giant Rio Tinto has rallied on receiving shareholder approval for the sale of Coal & Allied Industries to China-backed Yancoal Australia. Rivals Antofagasta, Anglo American and Glencore have also climbed percent.

Meanwhile, JD Sports has slumped even though the British company said it is on track to deliver full-years result in line with market expectations.

In economic news, German consumer confidence is set to improve slightly in July, market research group GfK said. The forward-looking consumer sentiment index rose 0.2 points to 10.6 in July, compared with expectations for a score of 10.5.

Survey data from the European Commission showed that a gauge of economic confidence in the euro area strengthened more than expected in June. The headline index rose to 111.1 in June, the highest since August of 2007.