European Averages Rise

Elena
21 Apr, 2006
Frankfurt

European stocks rose at mid-day, supported by six-year-high close of the Dow overnight which offset disappointing news from Sweden

[R]8:15AM European averages advanced at mid-day.[/R]
European markets advanced at mid-day trading, supported by six-year-high close of the Dow Jones index which offset disappointing news from Sweden’s Ericsson and Britain’s WPP. The German DAX 30 gained 0.5%, the French CAC 40 rose 0.5%, while London’s FTSE 100 climbed 0.6%, lifted gains for the second biggest department store Debenhams PLC. The company announced plans to return to the LSE by means of initial public offering to raise $125 billion amid hard trading conditions in the retail sector.


[R]7:45AM Asian markets closed mixed.[/R]
Asian-Pacific benchmarks closed mixed, following a decline in commodities prices and optimism about strong corporate releases which boosted key export-related stocks. South Korea’s Kospi led advancers, reaching a historic high with support provided by tech conglomerates. The Nikkei closed higher by 0.5% to 17,403.96, lifted by strength in blue-chip stocks like Sony, up 3.5%, Canon, higher by 4.6%, Honda Motor, up 4.6%, and Nissan Motor, up 2.2%. The Japanese index erased some of the early gains on partial skepticism about strong earnings. China Shanghai surged to 2.2%, led by Sinopec. Among regional decliners, Hong Kong’s Hang Seng lost 0.2% as profit taking in China-related stocks offset a rise in property shares. Taiwan Weighted index was down 0.1% as investors locked in gains. Auistralia’s All Ordinaries dropped 0.5%, dragged down by metals stocks Rio Tinto and BHP Billiton.