Europe stocks rise on strong earning reports; DAX up 0.37%
Investing.com
Published Aug 26, 2010 05:48AM ET
During European morning trade, the EURO STOXX 50 advanced 0.64%; France’s CAC 40 gained 0.60% and Germany's DAX increased 0.37%.
In the financial sector, shares in French lender Credit Agricole soared 3.97%, after it reported that second-quarter profits rose more-than-expected, jumping 89%. Meanwhile, French counterpart, BNP Paribas advanced 0.47%.
Elsewhere in the sector, Spanish lender Banco Santander saw shares rise 1.53% while Deutsche Bank stocks advanced 0.44%
Shares in French-based cosmetics giant, L’Oreal gained 3.80% after the firm reported a 21% increase in first-half profits, helped by growth in Asia and Latin America.
In London, the commodity heavy FTSE 100 was up 0.54% as miners led gains. Kazakhmys, Kazakhstan’s biggest copper producer gained 3.17% after the company reported that sales increased 36% and net income rose USD 58 million year-on-year.
Meanwhile, Australian mining giant BHP Billiton gained 1.68%, Rio Tinto advanced 2.56% while Xstrata shares were up 2.50%.
Crude oil prices also increased, gaining 0.38% to hit USD 73.11 a barrel.
The outlook for U.S. equity markets, meanwhile, was upbeat: Dow Jones Industrial Average futures indicated a gain of 0.23%, S&P 500 futures pointed to an increase of 0.33% and Nasdaq 100 futures indicated a rise of 0.18%.
Earlier in the day, industry data showed that Germany's expectations of consumer climate for September rose in line with expectations.
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Written By: Investing.com
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