Mining And Tech Stocks Lift Europe

Ivaylo
17 Aug, 2006
Frankfurt

Techs continued their strong run to three days as investors regained their desire for riskier, higher growth assets.That together with mining stocks and the tame consumer prices helped Europe to a good start. By mid-morning, London

[R]6:30AM European markets advance despite declining oil shares.[/R]
European markets were higher by mid-morning on Thursday. London’s FTSE 100 added 0.2 per cent to 5,909.2, while Xetra Dax in Frankfurt was 0.2% higher at 5,823.21 and in Paris, the CAC 40 was 0.2% higher at 5,136.57. Swiss insurance firm Zurich Financial Services Group, Ciba Specialty Chemicals and NYSE specialist Van der Moolen were the chief movers on the market.

Zurich Financial Services shed 2.2% in the wake of its statement that its first-half net profit rose but premiums declined. Ciba Specialty Chemicals jumped 5.6% after it reported an increase in adjusted profit and said that it would cut jobs. Van der Moolen advanced 4.3% after its second-quarter revenue increased 49% to 40.5 million euros.

Oil prices continued to drop Thursday as international traders responded to U.S. government data showing that crude oil stockpiles are above average. Light sweet crude for September delivery fell 47 cents to $71.42 a barrel in electronic trading, while the Brent crude for October delivery was down 39 cents at $72.44 a barrel on London's ICE Futures exchange.The euro was higher against the dollar Thursday, extending its gain after U.S. inflation data eroded the likelihood of higher U.S. interest rates.

The euro rose against the U.S. dollar. The European currency bought $1.2844 from $1.2836 late Wednesday in New York. It had risen above $1.2850 on Wednesday for the first time in a week. The British pound advanced to US$1.8964 from US$1.8948 in New York, and the dollar slipped to 115.59 Japanese yen from 115.87.

[R]5:30AM Gold and silver advance on weakened dollar.[/R]
December gold ended $6.10 higher to $639 a troy ounce on the NYME, while September silver added 20 cents to $12.285. October platinum finished up $9.60 at $1,251 an ounce. September palladium rose $11.70 to $336.40 an ounce.The September copper contract closed 5.75 cents lower at $3.47 per pound on news that union workers softened their demands as talks resumed with company officials.

September light, sweet crude oil finished $1.15 lower at $71.90 a barrel, the front-month contract''s first close below $72 since June 27. September gasoline fell 1.41 cents to $1.975 a gallon. September heating oil fell 0.85 cent to $2.015 a gallon. September natural gas settled down 9.5 cents at $6.766 a million British thermal units. On the New York Board of Trade, September Arabica coffee ended 2.10 cents higher at $1.0285 a pound. Futures on raw sugar in foreign ports for October ended down 0.14 cent at 12.65 cents a pound.