European Stock Diverge in Weak Trading

123jump.com Staff
09 Jun, 2008
New York City

European markets edged lower in the region but market indexes in Germany and France closed higher. German export in April rose 14% and imports increased 11.7% in month as the robust demand from the Middle East and rising crude oil prices. Among the DAX 30 index stocks, Volkswagen led the gainers with a rise of 2.6% and MAN led the decliners with a fall of 4% on a downgrade from a broker.

[R]2:30PM New York, 8:30PM Frankfurt – European stocks traded mixed recovering from oil price shocks on Friday./R]

European stocks traded mixed recovering from Friday’s losses after oil price shot up to a record high. The key indices in Germany and France closed higher.

In London FTSE 100 Index closed lower 29.20 or 0.49% to 5,877.60, in Paris CAC 40 Index increased 4.06 or 0.08% to close at 4,799.38 and in Frankfurt DAX index higher 11.82 or 0.17% to close at 6,815.63. In Zurich trading SMI decreased 60.52 or 0.82% to close at 7,325.90.

German exports rise 14%

German exports increase 13.9% in April and imports gained 11.7% from a year ago. Data released by the Federal Statistical Office showed exports of 89.8 billion euro and imports of 71 billion euros. Exports increased 1.2%, while and decreased 2.1% from March of this year.

Turnover in manufacturing up 4.7%

The Federal Statistical Office reported that the manufacturing sector saw a turnover rise in real terms by a working-day adjusted 4.7% in April 2008 compared to a year ago. March data of a rise of 4.1% was unchanged. Domestic turnover increased by 3.2% in the corresponding period, revenue from business with foreign customers increased 6.6%. Sales to euro area countries were 6.4% above the level of the preceding year, while sales to other foreign countries rose 6.9%.

Gainers and losers

Gaz De France led the gainers in the CAC 40 index stocks with a rise of 3.88% to 44.68 euros followed by gains in Suez of 3.63% to 48.43 euros, in EDF of 2.44% to 70.41 euros, in Total of 1.98% to 54.68 euros and in Arcelormittal of 1.51% to 66.18 euros.

Cap Gemini led the decliners in the CAC 40 index with a loss of 3.54% to 41.93 euros followed by losses in Alcatel Lucent of 3.17% to 4.42 euros, in Saint Gobain of 2.85% to 47.65 euros, in Sanofi- Aventis of 2.63% to 43.68 euros and in Dexia of 2.62% to 13.70 euros.

Among the DAX 30 index shares, Volkswagen led the gainers with a rise of 2.55% to 175.62 euros followed by gains in Hypo Real Estate Holdings of 2.39% to 21.01 euros, in RWE AG of 2.09% to 82.90 euros, in Siemens of 1.79% to 71.21 euros and in E.ON AG of 1.76% to 136.46 euros.

MAN AG led the decliners in the DAX 30 index with a fall of 3.90% to 86.91 euros followed by losses in Infineon Technologies of 2.89% to 5.88 euros, in Commerzbank of 2.81% to 19.34 euros, in Deutsche Lufthansa of 2.44% to 15.58 euros and in Deutsche Bank of 2.09% to 62.78 euros.

Precious metals prices decline

In the London trading, gold lost $2 to $896.25 an ounce. Silver fell 23 cents to $17.46 an ounce , platinum lost 18 cents to $2,047 an ounce and palladium fell $2 to $432.00 an ounce.

World markets review

In Tokyo Nikkei 225 Index closed lower 308.06 or 2.13% to 14,181.38, in Malaysia KL Composite index decreased 17.59 or 1.41% closed to 1,230.98. Market of Hong Kong and Australia were closed today.

In South Korea Kospi Index decreased 23.35 or 1.27% to close at 1,808.96, in Thailand SET index closed lower 11.75 or 1.44% to 805.58 and Indonesia JSE Index edged increased 7.84 or 0.33% to 2,410.08. Sensex index in India decreased 506.08 or 3.25% to 15,066.10.