European stocks traded in cautiously positive territory Wednesday, following yet another record-setting day on Wall Street, as the global equity rally in the wake of President elect Donald Trump's election victory continues to rumble on.
Britain's FTSE 100 added around 40 points by 11:00 GMT, rising around 0.64% to 6858 points, led by basic material and energy stocks. Germany's DAX performance index, however, fell 43 points, or 0.41%, as banking stocks declined following new rule proposals from the European Commission. France's CAC-40 was also down by about 0.4% mid-day in Paris.
European bank stocks fell across the board after the European Commission unveiled plans to tighten capitalisation rules and introduce requirements for U.S. and foreign lenders operating in the EU.
Europe's Stoxx 600 Banks index fell around 1% by 10:30 GMT while the shares of major European banks fell in concert, holding down gains for broader equity indices.
Germany's Commerzbank (CRZBY) was one of the session's biggest decliners, with shares falling 3% in Frankfurt trading to €6.72 each. Deutsche Bank (DB) was another notable decliner, with shares down 1.5% to €14.68. In Switzerland, Credit Suisse (CS) was off 2% to Sfr13.66.
Infineon Technologies (IFNNY) shares were another notable mover in Frankfurt, rising around 0.9% to €16.54 each after the chipmaker posted lower-than-expected four quarter profits Wednesday but lifted its margin guidance for the near-term amid the strengthening U.S. dollar.
The Neubiberg-based chipmaker, whose customers include Apple (AAPL) and Samsung Electronics (SSNLF) ,said revenues for the three months ending in September came in at €1.675 billion, up 4.8% from the same period last year. Operating profit, however, fell 2% to €280 million, slightly below analysts' forecast of €285 million.