Market Updates
Prudential Rejects $30 B Bid
Elena
20 Mar, 2006
New York City
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European stocks gained at mid-day dealings as continuous merger speculations lifted the insurance sector. Strong resource stocks and higher close of U.S. markets Friday also contributed to the advance. The German DAX 30 gained 0.6%, the French CAC 40 gained 0.5%, and London FTSE 100 was up 0.5%.
8:30 AM European averages rose mid-day on insurance stocks.
European markets traded positive at mid-day, reflecting continuous strength in the insurance sector on the back of merger-and-acquisition speculation, involving Prudential and its peer Aviva. The resource sector, gaining on higher metals prices and strong close of U.S. markets Friday also contributed to the upside movement of European stocks. The German DAX 30 rose 0.6%, the French CAC 40 gained 0.5%, and London’s FTSE 100 advanced 0.5%.
8:00AM Asian markets closed higher. The Nikkei surged 1.7%.
Asian-Pacific benchmarks finished in the positive, boosted by expectations of strong corporate results due out this week and gains in the resource sector on high metals prices. The Nikkei climbed 1.7%, reaching a six-week high to 16,632.74, lifted by strong earnings reports. Australia’s All Ordinaries jumped 0.6% to hit an all-time peak, crossing the key 5,000 level on mining and resource stocks. Hong Kong’s Hang Seng rose 0.8%, led by China Mobile and HSBC. South Korea’s Kospi gained 0.4%, lifted by brokerage firms, reflecting optimism on economic recovery.
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