Euro stocks soar on Spanish bailout hopes; DAX up 0.71%
Published Aug 07, 2012 12:12PM ET
At the close of European trade, the EURO STOXX 50 gained 1.71%, France’s CAC 40 soared 1.52%, while Germany’s DAX 30 added 0.71%.
The financial sector remained in focus after shares of British bank Standard Chartered bank plunged 29.29% in London, following steep losses in Asia after the New York State Department of Financial Services threatened to strip its state banking license, claiming it was a "rogue institution".
Officials from the DFS said Standard Chartered concealed GBP160 billion in transactions tied to Iran, in violation of U.S. sanctions.
In Germany, shares in the financial sector were lower, with shares of German lender Deutsche Bank down 0.16% and Commerzbank shares also losing 0.16%.
However, automakers were leading gains, with shares of Volkswagen up 1.09%, while BMW and Daimler rallied 1.11% and 1.02% respectively.
Meanwhile, shares of German energy provider RWE surged 1.48% after the company said that it has increased its Polish wind energy portfolio on Monday.
In France, shares of insurer Axa were up 1.38%, while lenders BNP Paribas and Societe Generale were up 0.35% and 1.37% respectively.
In London, the FTSE 100 jumped 0.56%, despite declines the financial sector.
Shares of lenders Barclays and Royal Bank of Scotland lost 0.80% and 1.44% respectively.
Gains in the commodity sector supported the FTSE, with shares of Anglo American surging 2.76%, Xstrata jumping 2.32% and BP Plc gaining 2.14%.
Also Tuesday, shares in pharmaceutical company Elan tumbled 12.79% on the Irish Stock Exchange after a partnership with Johnson & Johnson and Pfizer to develop an Alzheimer’s drug ended following a second failure in a clinical trial.
Stocks followed higher in the U.S. with the Dow up 0.64%, the S&P 500 higher by 0.80% and the tech heavy Nasdaq moving ahead by 0.95%.
Wednesday, traders are awaiting US non farm productivity, New Zealand and Australia Unemployment numbers as well as China’s CPI and PPI.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.