Arab Today, arab today european stocks climb for second day
Last Updated : GMT 12:48:35
Arab Today, arab today
Arab Today, arab today

European stocks climb for second day

Arab Today, arab today

Arab Today, arab today European stocks climb for second day

London - Arabstoday

European (SXXP) stocks advanced to the highest level since July as the Federal Reserve raised its economic assessment of the world’s largest economy. Asian stocks and U.S. index futures climbed. EON AG, Germany’s biggest utility, gained 6.7 percent after it reported 2011 earnings that topped analysts’ estimates. Credit Suisse Group AG and Legal & General Group Plc (LGEN) advanced as a gauge of banks and insurers rallied. Arkema SA, the French maker of plastics additives, fell 4.4 percent as a shareholder is selling as much as 450 million euros ($589 million) of the company’s stock.The Stoxx Europe 600 Index (SXXP) climbed 0.8 percent to 271.68 at 11:02 a.m. in London. The gauge has increased 11 percent so far this year amid optimism that the euro area will contain its sovereign-debt crisis and better-than-expected U.S. economic data. The MSCI Asia Pacific Index (MXAP) rose 0.4 percent while Standard & Poor’s 500 Index (SPZ1) futures expiring in June added 0.2 percent. “The U.S. continues to deliver rather good economic data and the situation in Greece has calmed down for the time being,” said Peter Braendle, who helps manage $60 billion at Swisscanto Asset Management AG in Zurich. “For Southern Europe I hope for further structural reforms, not just saving programs, but it’s certainly a positive impulse for stock markets.” The number of shares changing hands on the Euro Stoxx 50 Index was 35 percent higher than the 30-day average, according to data compiled by Bloomberg. The Stoxx 600 rallied 1.8 percent yesterday after reports showed German investor confidence in March increased more than forecast and U.S. retail sales rose in February. U.S. Assessment The Federal Open Market Committee said late yesterday that strains in global financial markets have eased and the labor market is gathering strength. At the same time, it said that the unemployment rate is “elevated” and “significant downside risks” remain. Federal Reserve Chairman Ben S. Bernanke is holding to his plan to the keep benchmark interest rate close to zero through at least 2014. “We now have a clearer understanding of how the Fed is positioned,” said Chris Weston, an institutional trader at IG Markets in Melbourne. “At the margin this is a mildly hawkish statement, however what could be better than clear economic growth with low rates?” In a separate statement, the U.S. central bank said 15 of the nation’s largest 19 banks could maintain adequate capital levels even in a recession scenario. Greece Rating Greece’s credit rating was lifted out of the default category by Fitch Ratings on optimism that a debt swap will reduce the risk that the country eventually reneges on its obligations. Greece was raised four levels to B- from restricted default and given a stable outlook by Fitch. New government bonds have a B- rating, while debt that is not governed by Greek law has a C rating pending settlement on April 11, Fitch said. German Chancellor Angela Merkel said that European (SXXP) efforts to resolve the debt crisis are making progress, even as “imbalances” in euro-area economies show that the task is far from complete. “We’ve come a good way along the mountain path, but we’re not completely over the mountain,” Merkel told reporters in Rome late yesterday after talks with Italian Prime Minister Mario Monti. “I suspect that in the next few years there will continue to be new mountains -- there won’t be a celebratory event in which we say we’re over the mountain and now we can sit among the trees and say that we’ve done it.” Italian Bonds Italy sold 6 billion euros of bonds today, with borrowing costs on its three-year debt falling to the lowest since October 2010 as European Central Bank loans helped boost demand. The Treasury sold 5 billion euros of a new three-year bond to yield 2.76 percent and 1 billion euros of seven-year bonds at 4.3 percent, meeting the 6 billion-euro maximum set for the sale. China is easing restrictions on lending capacity at three of the nation’s four biggest banks after new loans dropped to a four-year low, officials at the banks with knowledge of the matter said. The regulator is letting the lenders use more of their deposits to make loans after China’s exports, industrial production and retail sales declined in the first two months. EON increased 6.7 percent, the most since October, to 18.21 euros, as it reported 2011 adjusted net income dropped 50 percent to 2.5 billion euros, topping the 2.33 billion-euro median estimate in a Bloomberg survey. Sales rose 22 percent to 113 billion euros. Banks Gain Gauges of European banks and insurers pulled the Stoxx 600 higher, with Credit Suisse (CSGN) rallying 5.6 percent to 26.46 Swiss francs, and Legal & General advancing 4.7 percent to 131.2 pence. Barclays Plc (BARC) added 4.2 percent to 249.65 pence and Commerzbank AG (CBK) gained 3.8 percent to 1.96 euros. ING Group NV and AXA SA (CS) rose 4.5 percent to 7.15 euros, and 4.2 percent to 12.73 euros, respectively. Home Retail Group Plc (HOME), the owner of the Argos and Homebase chains, surged 6 percent to 116.6 pence after JPMorgan & Chase CO. raised the stock to overweight, the equivalent of buy, from underweight. Dufry AG gained 1.7 percent to 113.9 francs after the operator of duty-free shops reported full-year profit of 111.9 million francs ($120.6 million), trailing the average analyst estimate of 116.2 million francs. Full-year sales were 3.04 billion francs, topping the 2.66 billion-franc analyst estimate. Wacker, Arkema Drop Wacker Chemie AG (WCH), the second-largest maker of solar-grade silicon, declined 3.2 percent to 69.57 euros as the company said it saw a marked drop in polysilicon demand in the fourth quarter of 2011. Wacker also said some agreements were terminated, with customers withdrawing from the solar business. Arkema (AKE) fell 4.4 percent to 69.41 euros. Investor Groupe Bruxelles Lambert SA is offering 6.2 million shares of the company for as much as 450 million euros. The shares are being sold for about 69.90 euros each, according to a term sheet. BioMerieux (BIM), the French maker of tests for HIV and hepatitis, slumped 5.8 percent to 59.1 euros, the most in more than three months, after full-year profit missed analyst’s estimates. Symrise AG (SY1), the German maker of ingredients for Dior’s Fahrenheit, slid 1.9 percent to 22.01 euros. Equinet AG cut the stock to hold from accumulate.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stocks climb for second day Arab Today, arab today european stocks climb for second day

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stocks climb for second day Arab Today, arab today european stocks climb for second day

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday