European Stocks, Auto Sales Decline

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

European stocks traded in a tight range. European auto sales fell 7.8% in May on higher fuel cost and weak economies in Italy and Spain. Only in France sales rose in May from April and from the same month in the previous year. Sales in Germany fell 6% in the month but rose 4.2% from a year ago. Total sales in first five months in Europe declined 0.7%.

[R]2:00PM New York, 8:00PM Frankfurt – European stocks traded in a tight range.[/R]

Europe market update

European stocks recovered ground lost in mid-day trade, the key indices in Germany and France closed higher.

The CAC 40 advanced 0.29% to 4,686.00 In Germany the DAX 30-index gained 54.47 points or 0.81% to 6,768.99. Shares in Switzerland climbed as the Swiss Market index gained 51.58 points or 0.71% to 7,274.37. The FTSE 100 climbed 21.60 points or 0.37% to 5,812.10.

Auto sales decline in May from April

European auto registration fell 7.8% in May from a year ago as fuel prices rise and one less sales day in the month. For the first five months sales were stable and declined 0.7%. In May 1.33 million cars were registered. Registration declined 24.3% in Spain and 17.6% in Italy from April. The new registration in Germany fell 6% from April but rose 4.2% from a year ago. In France registration rose in May 7% from April and 5.2% from a year ago.

Gainers and losers

Michelin led the gainers in the CAC 40 index stocks with a rise of 6.93% to 51.34 euros followed by gains in Peugeot of 3.64% to 37.23 euros, in Dexia of 3.51% to 14.13 euros, in EADS of 3.22% to 14.09 euros and in Bouyguess of 2.66% to 46.68 euros.

EDF led the decliners in the CAC 40 index with a loss of 4.63% to 61.99 euros followed by losses in Credit Agricole of 1.97% to 13.89 euros, in Total of 1% to 52.38 euros, in Largardere of 0.99% to 41.78 euros and in Vallourec of 0.94% to 199.10 euros.

Among the DAX 30 index shares, Commerzbank led the gainers with a rise of 4.63% to 21.05 euros followed by gains in Allianz SE of 4.72% to 118 euros, in Siemens AG of 2.90% to 74.62 euros, in Deutsche Lufthansa of 1.47% to 15.86 euros and in Deutsche Bank of 1.39% to 62.86 euros.

ThyssenKrupp led the decliners in the DAX 30 index with a fall of 2.97% to 40.46 euros followed by losses in Deutsche Borse of 1.56% to 79.43 euros, in Henkel KGaA of 1.42% to 28.55 euros, in BMW AG of 0.89% to 33.37 euros and in RWE AG of 0.75% to 80.37 euros.

Precious metals movement

At 4:32 PM, in London, gold lost $5.40 to $866 an ounce. Silver fell 1 cent to $16.31 an ounce, platinum advanced $16 to $2,043 an ounce and palladium gained $12 to $450 an ounce.

Asian markets

In Tokyo Nikkei 225 Index closed higher 85.13 or 0.61% to 13,973.73, in Hong Kong Hang Seng index decreased 431.56 or 1.87% closed to 22,592.30. In Australia ASX 200 index higher 48.90 or 0.92% to close 5,378.10. In Malaysia KL Composite index increased 3.81 or 0.31% closed to 1,229.35.

In South Korea Kospi Index increased 7.99 or 0.46% to close at 1,747.35, in Thailand SET index closed lower 8.16 or 1.03% to 782.64 and Indonesia JSE Index edged decreased 10.59 or 0.44% to 2,398.42. Sensex index in India decreased 60.58 or 0.40% to 15,189.62.