Europe stocks rise on earnings reports; DAX up 0.51%
Investing.com
Published Oct 14, 2010 06:10AM ET
During European morning trade, the EURO STOXX 50 rose 0.47%; France’s CAC 40 gained 0.16%; while Germany's DAX was up 0.51%.
In earning news, Syngenta AG, the world’s biggest maker of agricultural chemicals, gained 2.04% after reporting better-than-expected third quarter sales. The company also said that third quarter revenue was up USD 2.2 billion, beating expectations.
Shares in LVMH Moet Hennessy Louis Vuitton rose 0.59%, 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.
Meanwhile, shares in Germany’s largest clothing maker Hugo Boss soared 4.37%, 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%.
Elsewhere, Vodafone Group saw its shares rise 1.59%, after Japanese investment bank Nomura Holdings upgraded stocks in the world’s largest mobile-phone company to ‘buy’ from ‘neutral’.
In London, the commodity-heavy FTSE 100 added 0.08% as miners led gains amid rising metal prices. Shares in the world’s largest mining company BHP Billiton added 0.47%, rivals Rio Tinto jumped 1.95% while Xstrata saw its shares surge 1.25%.
Elsewhere in the commodity sector, shares in German electricity and gas provider RWE climbed 1.99%, while shares in Europe's largest privately owned power and gas company E.On jumped 1.71%.
But shares of miner, African Barrick Gold tumbled 7.78%, after the world’s largest gold miner cut its 2010 output target.
The outlook for U.S. equity markets, meanwhile, was upbeat: Dow Jones Industrial Average futures indicated a rise of 0.27%, S&P 500 futures pointed to an increase of 0.28% and Nasdaq 100 futures indicated a gain of 0.26%.
Later in the day, the U.S. was to produce official data on initial jobless claims as well as data on inflation and the country’s trade balance.
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Written By: Investing.com
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