European stocks higher in thin year-end trade; DAX up 0.71%
Investing.com
Published Dec 27, 2011 04:21AM ET
During European morning trade, the EURO STOXX 50 climbed 0.77%, France’s CAC 40 advanced 0.84%, while Germany’s DAX 30 added 0.71%.
With markets in London remaining closed for an extended holiday break and most investors already away on year-end leave, trading volumes were low, resulting in subdued trade.
Government data showed Friday that U.S. new home sales rose to a seven-month high in November, while durable goods orders rose a better-than-expected 3.8% in November from October.
Both reports came amid a week marked by bullish U.S. economic indicators, including a report showing that initial jobless claims fell to the lowest level since April 2008.
But gains were capped by sustained worries over a series of credit downgrades in the euro zone.
Financial stocks were mixed as shares in French lender BNP Paribas climbed 1.43%, while Societe Generale fell 0.58% and Germany’s Deutsche bank retreated 0.89%.
Meanwhile, France Telecom advanced 0.17% after saying its deal to sell Orange Switzerland, which is subject to approval by Swiss authorities, will be submitted to France Telecom’s board in the week starting January 9.
Elsewhere, German companies Wacker Chemie AG and BASF SE led chemical makers higher with shares rising 0.90% and 0.93%.
In the U.S., equity markets were expected to return from the long holiday weekend, after closing higher on Friday.
Later in the day, the U.S. was to publish industry data on house price inflation, as well as a report on consumer confidence and manufacturing activity in Richmond.
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