Europe Markets

Europe shares close lower; 'Trump rally' loses momentum; Antofagasta up 11%

European bourses closed under pressure on Thursday afternoon after rebounding in morning trade following Donald Trump's victory in the U.S. election.

'Trump rally' fizzles out

The pan-European Stoxx 600 was nearly 1 percent higher at the open, but lost momentum to end 0.14 percent down at the close. Sectors were mixed on a choppy trading day with utilities over 4 percent in the negative territory

The French CAC 40 and German DAX were 0.19 and 0.1 percent in the red respectively however the U.K.'s FTSE 100 edged even lower, over 1 percent down.

Jasper Lawler, market analyst with CMC markets identified energy stocks as the reason for the fall in the FTSE. He said in an afternoon note, "The FTSE 100 gave up its early gains thanks to a late drop in the energy sector.

"Basic materials and industrial sectors led gainers on hopes of a US-led infrastructure spending boom while perceived havens like utilities and tobacco lost out," he added.

All-time high

Wall Street opened in the black on Thursday, with the Dow Jones hitting an all-time high, however the index has since retreated.

Shares of the London-listed mining company Antofagasta were at the top of the European benchmark for most of the trading day, jumping more than 11 percent. Metal prices, particularly copper, have seen strong price rises on the expectation that Trump will build infrastructure across the U.S.

Insurance, banks and basic resources stocks were outperforming its peers, climbing more than 2 percent, again supported by the victory of Donald Trump. The President-elect is perceived as supportive for banks, given his promises to smooth regulation. UBS shares were up 8.7 percent with Credit Suisse's shares more than 4.8 percent higher.

Siemens, Zurich, earnings

Siemens reported Thursday a net income in the three months to September of 1.15 billion euros ($1.25 billion) – a jump of 20 percent on the year. Its shares were up 4.5 percent during Thursday's session.

Zurich Insurance posted a net profit of $912 million in the third quarter, well above the expected $722 million forecast by a Reuters poll. Zurich's shares were 0.5 percent higher.

Emissions-reduction targets

Brent was trading at $45.83 a barrel, 1.12 percent lower at the European close, and WTI crude was selling at $44.70, dropping 1.28 percent. Goldman Sachs said that Trump's victory should boost the natural gas and oil industries due to his pledges to roll back emissions-reduction targets.

On the data front, the RICS Residential Market Survey in the U.K. showed that house prices increased in the last three months. it added that the continued rising prices are still being supported by supply shortages.

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