european stocks rise on us data
Last Updated : GMT 05:39:09
Arab Today, arab today
Arab Today, arab today

European stocks rise on US data

Arab Today, arab today

Arab Today, arab today European stocks rise on US data

London - Arabstoday

European stocks advanced on Thursday on positive economic data although the mining sector suffered after Rio Tinto announced a shock US$14-billion (10.5-billion-euro) write-down that sparked the resignation of its boss. In afternoon trading London\'s FTSE 100 index of top companies gained 0.41 percent to 6,129.28 points, while Frankfurt\'s DAX 30 index rose 0.82 percent to 7,754.54 points. In Paris, the CAC 40 jumped 0.96 percent to 3,744.13 points, winning a boost from strong earnings from supermarket giant Carrefour and European airliner group Airbus. The European single currency meanwhile advanced to $1.3354 from $1.3286 late in New York on Wednesday. On the London Bullion Market, gold prices increased to $1,683.25 an ounce from $1,676.25. \"In Europe...the biggest loser has been Rio Tinto after its CEO Tom Albanese stepped down,\" said analyst Craig Erlam at trading firm Alpari. The head of Rio Tinto resigned after the Anglo-Australian mining giant announced a $14-billion write-down on its Mozambique coal assets and ailing aluminium business. Rio warned it expected non-cash impairments of $10-11 billion mostly related to the 2007 purchase of aluminium firm Alcan, and $3 billion relating to its Mozambique coal project acquired in 2011, in annual results due on February 14. In reaction, Rio Tinto shares slid 0.88 percent to 3,427 pence. The group added that Albanese has been replaced by iron ore boss Sam Walsh. The news also weighed on the broader sector. Anglo-Swiss miner Xstrata shed 0.53 percent to 1,136.50 pence and Anglo American gave up 0.39 percent to 1,893.5 pence. Across in Paris, supermarket giant Carrefour saw its share price rocket 7.4 percent to 20.75 euros, topping the CAC 40 leaderboard after posting strong fourth-quarter sales. The aviation sector also flew into focus, with EADS shares soaring 3.6 percent to 33.60 euros in Paris, after its European airliner division Airbus published impressive sales. Analysts said the stock gained support also from prospects that Airbus could win new orders after global aviation agencies grounded US rival Boeing\'s Dreamliner jets. Airbus \"delivered more planes than expected, stoking optimism about a growing order book,\" noted CMC Markets analyst Michael Hewson. \"While there was some downside with lower-than-expected sales of the A380 there is also optimism that the company may benefit from Boeing\'s current problems even though it has had its own problems with micro-cracks in the wings, which appear to be behind them now,\" he added. Asian equities diverged on Thursday, with Tokyo ending flat after a seesaw session that saw parts suppliers hit by the Dreamliner news. US stocks gained at the opening bell, boosted by some positive economic data including new housing starts jumping in December and posting a 28 percent gain for the year. New US jobless claims also dropped last week to 335,000, the lowest level in five years. Five minutes into trade, the Dow Jones Industrial Average was up 0.30 percent at 13,552.54 points. The broad-based S&P 500 gained 0.37 percent, to 1,478.14 points, while the tech-heavy Nasdaq Composite rose 0.46 percent to 3,131.97 points. The rise in US stocks came despite disappointing bank results, with Bank of America seeing its shares fall 1.9 percent after its fourth-quarter net earnings tumbled by 63 percent to $367 million due to the cost of a settlement over mortgage practices. Citigroup fell 3.0 percent after a 25-percent gain in earnings disappointed markets, with its bottom line also hit by mortgage business charges. Boeing shares lost another 1.3 percent after its 787 was grounded around the world for safety inspections.

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