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European Market Overview July 8th 2011
Last Updated on Friday, 08 July 2011 11:57
- European stocks advanced to a one-month high after a report showed U.S.companies added more jobs than forecast and the European Central Bank easedcollateral rules to help Portugal access emergency funds.
- The Stoxx Europe 600 Index rose 0.4 percent to 275.93 at the 4:30 p.m. close inLondon as ECB President Jean-Claude Trichet suspended the minimum credit-ratingthreshold for Portugal’s debt in refinancing operations.
- That extends the rally since the start of last week to 4.5 percent. The gauge has stillfallen 5.2 percent from its February high on speculation the region’s fiscal crisis willderail the economic recovery.
- National benchmark indexes gained in 14 of the 18 western European markets. TheU.K.’s FTSE 100 Index rose 0.9 percent while France’s CAC 40 and Germany’s DAXadded 0.5 percent. Portugal’s PSI-20 soared 1.8 percent.
- Man Group climbed 3.6 percent to 255.7 pence after saying funds undermanagement rose to $71 billion in the three months through June, with net inflowsof $3.7 billion.· Deutsche Boerse climbed 2.4 percent to 54.50 euros, a one-month high. NYSEEuronext shareholders approved the German company’s takeover of the operator ofthe NYSE.
- BHP Billiton Ltd. and Rio Tinto Group, the world’s largest mining companies, rose 2percent to 2,521.5 pence and 2.3 percent to 4,595 pence, respectively. Basicresourceshares posted the second-best performance among 19 industry groups inthe Stoxx 600 today as copper, lead, nickel, tin and zinc all advanced on the LondonMetal Exchange.
- Hammerson Plc slumped 4.8 percent to 463.7 pence, the biggest decline in morethan a year. The U.K. real estate investment trust’s largest shareholder, a unit ofthe Ontario Teachers’ Pension Plan, sold its entire 12 percent stake in the companyat 463 pence a share.
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