European Equity Benchmarks Close Higher

The broad-based major European indices closed higher in Wednesday’s trading session, as banks and pharmaceuticals stocks helped nudge the markets into positive territory.

In economic news, Brexit may spur a flight of European banks from London, according to Deutsche Bank. The German bank’s top compliance executive Sylvie Matherat told Bloomberg News that the bank may have to move 2,000 of its 9,000 U.K.-based employees out of the country because of the country’s decision to leave the European Union.
“For front office people, if you want to deal with an E.U. client, you need to be based in the E.U.,” Matherat said. Meanwhile, Eurostat, the statistical office of the European Union, reported that the European Union granted protection status to 710,400 asylum seekers in 2016, more than double the number of 2015. E.U. member countries also received more than 14,000 resettled refugees.

By William Spence