European shares trade below record highs, deals boost telecom stocks | Malay Mail

BRUSSELS, Sept 7 — European stocks hovered below record highs today as caution ahead of a European Central Bank meeting later this week offset gains in the telecom sector following Deutsche Telekom deals.

Dutch company KPN gained almost 4 per cent, while UK’s BT rose 2 per cent on news Deutsche Telekom is weighing options for its 12 per cent stake in the company. “It’s believed that the ECB is discussing tapering their PEPP purchases. If it is, then investors will look for signs that they are going to compensate by making purchases through other schemes,” said Andrea Cicione, head of strategy at TS Lombard.

Meanwhile, hopes of more economic stimulus for China and Japan, as well as growing views the US Federal Reserve is likely to delay the start of tapering its asset purchases pushed world stocks to record highs.Germany’s Allianz slipped 0.3 per cent after Reuters reported regulators have launched an investigation into the company after the demise of some of its US investment funds last year.

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