Markets close on a 4 month high
European markets were trading mixed as profit taking pared initial gains. Italy's economy contracted by 0.7 percent in the second quarter, sparking recession concerns. Banking shares, which had rallied more than 12 percent over the previous nine days, were the main drag on European indexes, as the Standard Chartered Plc scandal hit the sector. Shares of the global bank were down 12.7% on heavy volumes, after plunging as much as 20 percent in early London trade after New York's top bank regulator accused it of hiding transactions to Iran and threatened to strip the lender of its state banking license.
With the result season nearing to an end, the focus would shift to government action as the monsoon session begins tomorrow.
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