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Miners fall and banks gain

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Miners fall and banks gain

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Europe’s main stock exchanges closed mixed on Wednesday, with shares having given up their earlier gains.

Mining company stocks pulled down the indexes due to a sharp fall in coal prices. Banks were the top gainers following statements by UBS and Deutsche Bank that they will not need to raise more capital. Pharmaceuticals gained after AstraZeneca won a key US patent battle.

Oil rose above $142 a barrel after there was a bigger than expected fall in crude stocks in the US. The dollar fell against the euro on the expectation the European Central Bank is about to raise interest rates.