Most Europe stocks rise on earnings; FTSE up 0.67%
Investing.com
Published May 13, 2010 04:29AM ET
Investing.com – Most European stock markets on Thursday rose on upbeat earnings reports, and amid hopes that efforts to contain Europe's debt crisis will succeed.
During early European trade, Germany's DAX was up 0.77%; the EURO STOXX 50 rose 0.51%; and France’s CAC 40 was up 0.54%.
Britain's FTSE 100 climbed 0.67%, ahead of a key report on the U.K. trade balance, the difference in value between imported and exported goods.
But Spain's IBEX 35 shed 0.2% after the country followed Ireland and Greece in imposing harsh wage cuts to slash its budget deficit, quelling fears that the debt crisis will spread across the euro zone.
The move was in compliance with European Union demands for further austerity in exchange for the EUR 720 billion "shock and awe" rescue package for cash-strapped euro zone members.
Meanwhile, private equity firm 3i Group said it swung to a fiscal-year profit of GBP 154 million, from a loss of GBP 1.95 billion a year earlier.
Banks were among the top performers, with BNP Paribas gaining 1.17% and Societe Generale advancing 0.75%.
The outlook for U.S. markets, meanwhile, was rosy: Dow Jones Industrial Average futures indicated a gain of 0.22%, S&P 500 futures pointed to an increase of 0.19% and Nasdaq 100 futures indicated a rise of 0.02%.
Later in the day, the U.S. Labor Department was due to release data on initial jobless claims, a key indicator of overall economic health.
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Written By: Investing.com
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