European stocks higher ahead of ECB meeting; DAX up 0.45%
Investing.com
Published Dec 08, 2011 04:32AM ET
During European morning trade, the EURO STOXX 50 rose 0.28%, France’s CAC 40 advanced 0.27%, while Germany’s DAX 30 climbed 0.45%.
Market sentiment found support as the European Central Bank was expected to cut interest rates by 0.25% to 1% at its policy-setting meeting later Thursday.
Meanwhile, France and Germany were to present a plan to amend EU treaties which would allow for greater fiscal integration and stricter enforcement of budgetary discipline in the single currency bloc, at a two-day economic summit.
Financial stocks were mixed, as shares in German lender Deutsche Bank jumped 1.91% and BNP Paribas climbed 0.36%, while Unicredit declined 0.62% and Societe Generale plummeted 2.07%.
Meanwhile, the energy sector was broadly lower. French group EDF retreated 0.38% and Alstom plunged 2.65%, while Germany’s RWE AG saw shares fall 0.29%.
In London, FTSE 100 advanced 0.18%, boosted by gains in financial stocks as investors eyed the Bank of England’s rate decision later in the day.
Shares in Barclays climbed 1.73% and the Royal Bank of Scotland jumped 1.54%, while Lloyds Banking advanced 0.68% and HSBC Holdings rose 0.20%.
Meanwhile, copper producer Xstrata advanced 0.51% and Kazakhmys surged 2.02%, while mining giant Bhp Billiton rose 0.16%
Elsewhere, Tesco Plc slipped 1.36% after the U.K.’s largest supermarket chain said a sales decline continued in the third quarter as cost-conscious Britons were weighed down by unemployment fears and rising fuel and food bills.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a fall of 0.14%, S&P 500 futures signaled a 0.27% decline, while the Nasdaq 100 futures indicated a 0.05% gain.
Later in the day, the ECB was to announce its benchmark interest rate, while the U.S. was to publish its weekly report on initial jobless claims.
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Written By: Investing.com
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