European stocks rose on Wednesday as Italian bank stocks recovered from heavy losses incurred in the previous session after the government softened its position on a new tax on banks.<\/p>\n\n\n\n
The Stoxx Europe 600 index rose 1 percent by 0705 GMT, touching its highest level in a week.<\/p>\n\n\n\n
The euro zone banking index rose 1.4 percent, after falling 3.5 percent in the previous session, after the Italian government set a new tax ceiling of 0.1 percent of total banking assets. The announcement of the sudden 40 percent tax on bank windfall profits triggered a broad sell-off.<\/p>\n\n\n\n
Italian banks such as Intesa Sanpaolo, Banco BPM and UniCredit rose between 1.7 and 2.5 percent.<\/p>\n\n\n\n
Investors did not seem to care about data showing that the consumer sector in China had entered a period of contraction in prices, with producer prices continuing to decline in July at a time when the second largest economy in the world was facing difficulty in reviving demand.<\/p>\n\n\n\n
Novo Nordisk rose 0.5 percent, extending its gains from yesterday’s session, when it jumped to a record high, after the Danish pharmaceutical company said its drug for the treatment of obesity reduces the risk of heart disease.<\/p>\n","protected":false},"excerpt":{"rendered":"
European stocks rose on Wednesday as Italian bank stocks recovered from heavy losses incurred in the previous session after the government softened its position on a new tax on banks. The Stoxx Europe 600 index rose 1 percent by 0705 GMT, touching its highest level in a week. The euro zone banking index rose 1.4 …<\/p>\n","protected":false},"author":9,"featured_media":62193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7211,6877,6928,6882],"class_list":["post-87586","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-currencies","tag-dollar","tag-euro","tag-forex"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=87586"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87586\/revisions"}],"predecessor-version":[{"id":87587,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87586\/revisions\/87587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/62193"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}