Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

EUROPE MARKETS: Europe Stocks Jump After German Ifo Data

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/22/2013 | 01:36pm CEST

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- European stocks saw broad-based gains on Friday, as investors moved back into equities in the wake of a two-day selloff after German business-climate data surprised to the upside.

The Stoxx Europe 600 index rallied 1.2% to 288.33, climbing back after a 1.5% drop on Thursday.

Shares of Alcatel-Lucent slipped 0.7%, after the telecom-equipment maker appointed Michel Combes, former head of Vodafone Group PLC's (>> Vodafone Group plc) European operations, as new chief executive. Additionally, HSBC lifted the stock to neutral from underweight.

Shares of Elan Corporation PLC rose 3.3%. The biotech firm said it would buy back $1 billion of its own shares, using money from the sale of its multiple-sclerosis drug Tysabri.

For the broader European stock market, upbeat data out of Germany helped lift the trading mood. The Ifo Business Climate index jumped to 107.4 in February, exceeding expectations of a 104.7 reading.

Investors also trained their attention on generals elections in Italy over the weekend, with worries a new government will fail to follow up on the country's current reformist drive. Several parties have openly campaigned against the austerity measures the nation had to implement in order to meet its EU commitments.

"The market is currently pricing in a rather constructive election outcome, in our view. However, we still see a realistic risk either of a hung parliament, or a potentially difficult and protracted negotiation process as [centre-left candidate Pier Luigi] Bersani and [Prime Minister Mario] Monti seek to form a coalition," analysts at RBC Capital Markets said in a note.

"That leaves us remaining cautious about peripheral exposure in outright terms and in [yield spreads between Italian government bonds and German bunds] in the near term," they said.

Polls aren't allowed in the final weeks leading up to the election in Italy, but polls published before the cutoff date put a center-left coalition led by Bersani in the lead.

Italy's FTSE MIB index posted steep losses this week, on track for a 1.6% weekly loss, but was up 1.4% to 16,230.99 on Friday.

Among other country-specific indexes, France's CAC 40 index added 1.8% to 3,688.10, with banks on the rise. Shares of Société Générale SA rose 2.5% and Credit Agricole SA gained 1.6%.

In Germany, Deutsche Bank AG (>> Deutsche Bank AG) climbed 1.7%. The DAX 30 index traded 1.1% higher at 7,667.07.

And in the U.K., J Sainsbury PLC gained 2.4%, after Citigroup lifted the supermarket retailer to buy from neutral.

Miners were also higher in London, tracking gains for metals prices. Shares of Rio Tinto PLC (>> Rio Tinto plc) added 0.7% and BHP Billiton PLC (>> BHP Billiton Limited) nudged 1% higher.

The FTSE 100 put on 0.8% to 6,343.18.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
07:02pDJMARRIOTT INTERNATIONAL : Collapsed Skyscraper Deal Another Setback for Anbang
07:01p REZIDOR HOTEL : HNA announces the preliminary outcome of the first extended acceptance period of the offer to the shareholders in Rezidor
07:01p TRIGON AGRI A/S : Notice convening the annual general meeting
07:01p Canelo Álvarez and Julio César Chávez, Jr. Ultimate Cinco de Mayo Weekend Fight Coming Live to the Big Screen on May 6 Only
07:01p Samsung Showcases “Your Future. On Display.” with Industry-Leading Lineup of New Signage Solutions at DSE 2017
07:01p TOP 3 TRENDS IMPACTING THE GLOBAL HVAC SERVICES MARKET 2017-2021 : Technavio
07:01p NIELSEN : beIN SPORTS Extends Relationship With Nielsen To Include Nielsen Total Audience Measurement
07:01p J.P. MORGAN TO RETIREMENT PLAN SPONSORS : Three Things You Should Know about Millennial Participants under 30
07:01p High Performance Industrial Safety Helmets Market Expects Thorough Implementation & Compliance Checking To Drive Future Demand - MarketIntelReports
07:01p NCP ENGINEERING : Announces an Alliance with Juniper Networks to Enable a VPN Remote Access Solution for SRX Series Firewalls
Latest news
Advertisement
Hot News 
1.52%ConvaTec's majority investors raise $1.2 billion via stake sale
2.95%European shares inch higher as Brexit divorce process to begin
4.21%UK's Stagecoach confirms profit target, rail revenue rises
-7.17%EXCLUSIVE - GENEL ENERGY CFO TO STEP DOWN, SEARCH FOR CHAIRMAN CONTINUES : sources
13.51%HARDIDE : Shares Rise on Airbus Supplier Approval
Most Read News
03/28 SAMSUNG ELECTRONICS : With new phone due, Samsung dials down on safety message
03:46a TOSHIBA : says Westinghouse had $9.8 billion in liabilities as of end December
03/28 Tesla deal boosts Chinese presence in U.S. auto tech
11:36a Huge nuclear cost overruns push Toshiba's Westinghouse into bankruptcy
05:21aDJDEUTSCHE BOERSE : European Commission Prohibits Recommended All-Share Merger Between Deutsche Boerse AG And London Stock Exchange Group Plc
Most recommended articles
08:15aDJS&P 500, Nasdaq Futures -- Technical Analysis
03/27 Dollar hits four-month low as Trump trade deflates
12:53p Samsung launches Galaxy S8 and dreams of recovery from Note 7
12:47pDJTUTOR PERINI : Scores of Builders Raise Their Hands to Design Trump Border Wall
12:32p UK stocks end choppy Brexit day in the black