Arab Today, arab today europe bourses rise on bright earnings us data
Last Updated : GMT 12:06:35
Arab Today, arab today
Arab Today, arab today

Europe bourses rise on bright earnings, US data

Arab Today, arab today

Arab Today, arab today Europe bourses rise on bright earnings, US data

Washington - Arabstoday

European stocks rose yesterday on a barrage of positive earnings reports and buoyant US data, shrugging of the latest twist in Greece’s saga to unlock bailout funding. London’s FTSE 100 index of top companies jumped 1.37% to 5,861.92 points, while in Paris the CAC 40 advanced 1.35% to 3,475.40 points and Frankfurt’s DAX 30 gained 1.03% to 7,335.67 points. In foreign exchange activity, the euro eased slightly to $1.2940 from $1.2958 in New York on Wednesday. Gold prices slid to $1,716.25 an ounce at the evening fixing on the London Bullion Market, from $1,719 the day before. Some buoyant data on consumer confidence and the manufacturing sector gave Wall Street a solid bump higher yesterday. In midday trading the Dow Jones industrial average was up 0.92% at 13,216.61 points. The broad-based S&P 500 gained 0.87% to 1,424.51 points, while the Nasdaq added 1.25% to 3,014.30 points. The markets jumped higher on a gain in consumer confidence: the Conference Board index for October rose to 72.2 in October, up from a revised 68.4 in September and better than forecasts. Also helping was a slight rise in the ISM’s purchasing manager index for the industrial sector, to 51.7% from September’s 51.5% reading. US weekly jobless claims continued to decline, falling a modest 9,000 to 363,000 last week, the Labor Department said yesterday. New claims for unemployment insurance benefits in the week to October 27 - an indicator of the pace of layoffs—came in below the four-week moving trend of 367,250. The focus now switches to hotly-awaited non-farm payrolls numbers today. The results season was in full swing in London. State-rescued Lloyds bank saw its share price soar by 8.28% to 43.9 pence, despite news that it has set aside £1.0bn ($1.6bn, €1.2bn) to compensate clients who were mis-sold insurance. Lloyds Banking Group, which is 39.6% owned by the taxpayer after a vast bailout at the height of the global financial crisis, added that it faced a net loss of £361mn in the three months to the end of September. However, that marked an improvement from a shortfall of £501mn a year earlier, as it cut bad debts and narrowed losses from its non-core businesses. Meanwhile, heavyweight Royal Dutch Shell posted a slight 2% rise in net profit to $7.139bn (€5.514bn) in the third quarter, saying it had faced “volatile energy markets”. European markets shrugged off a comment by the IMF that talks on releasing bailout funds needed to stave off Greece’s looming bankruptcy had become stuck.

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