Market Updates
DaimlerChrysler Helps Europe
Elena
10 May, 2006
Frankfurt
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European stocks traded in a tight range at midday as investors were cautious ahead of the U.S. Fed Reserve interest-rate decision. In addition, weaker dollar pressured export-related stocks. Shares of tech companies like Infineon Technologies and Philips Electronics moved lower. Automakers were supported by DaimlerChrysler which rose 2.5% as Deutsche Bank upgraded the company stock. The German DAX 30 gained 0.2%, the French CAC 40 lost 0.1%, and London
[R]7:45AM European markets traded in a tight range at mid-day.[/R]
European markets traded in a lackluster fashion at midday as investors were cautious in their moves, eagerly awaiting the U.S. Fed Reserve interest-rate decision. The U.S. central bank is expected to raise its federal funds target rate to 5%. Weaker dollar against the euro pressured export-related stocks like tech stocks with Infineon Technologies and Philips Electronics moving lower. The euro rose 0.3% to $1.2794. However, gains in the automotive sector helped limit the downward trend. Automakers were supported by DaimlerChrysler which rose 2.5% as Deutsche Bank upgraded the company to buy from hold and lifted its price target to 59 euros from 45 euros. The German DAX 30 gained 0.2%, the French CAC 40 lost 0.1%, and London’s FTSE 100 edged down 0.03%.
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