Europe stocks mixed after closing bell; DAX rises 0.44%
Investing.com
Published Oct 14, 2010 12:10PM ET
At the close of European trade, the EURO STOXX 50 was down 0.09%; France’s CAC 40 shed 0.19%; the FTSE 100 declined 0.30%; while Germany's DAX rose 0.44%.
Shares in the commodity sector led gains amid rising crude oil and metal prices. Shares in miners Xstrata jumped 3.21%, silver producer Fresnillo saw its shares gain 2.42%, while Rio Tinto stocks jumped 2.44% after the world’s third-largest mining company said third-quarter iron ore output rose more-than-expected.
But shares of miner African Barrick Gold tumbled 6.63%, after the world’s largest gold miner cut its 2010 output target.
Elsewhere, shares in the telecommunication sector were higher, after Japanese investment bank Nomura Holdings upgraded the stock of the world’s largest mobile-phone company Vodafone Group to ‘buy’ from ‘neutral’. Shares in Vodafone rose 1.59%, Telecom Italia gained 1.42% while France Telecom advanced 0.49%.
But financial sector stocks underperformed, with banks leading declines amid speculation that banks may need to raise more capital to meet new regulations. Shares in Barclays tumbled 4.61%, French lender Societe Generale saw its stocks plunge 2.44%, while German lender Commerzbank fell 2.05%.
In earnings news, shares in Germany’s largest clothing maker Hugo Boss soared 4.70%, after it raised its profit forecast for the third quarter. The company said it now expected earnings to rise by approximately 20% in the third quarter, up from a previous estimate of 12%.
Meanwhile, shares in LVMH Moet Hennessy Louis Vuitton rose 0.54%, after the luxury-goods giant said third quarter sales increased by 24% year-on-year. The company said revenue growth in the group’s luxury watches and jewelry business contributed to increased sales in the third quarter.
Across the Atlantic, U.S. markets were down: the Dow Jones Industrial Average shed 0.37%, the S&P 500 index fell 0.61%, while the Nasdaq Composite index slipped 0.29%.
Earlier in the day, official data showed that while U.S. initial jobless claims rose more-than-expected last week, producer price inflation rose-more-than expected in September.
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