European stocks higher on debt hopes; DAX up 1.64%
Investing.com
Published Oct 17, 2011 05:16AM ET
During European morning trade, the EURO STOXX 50 rose 1.34%, France’s CAC 40 climbed 1.26%, while Germany’s DAX 30 jumped 1.64%.
During talks in Paris over the weekend, G-20 finance ministers and central bankers endorsed parts of a plan to avoid a Greek default, recapitalize European banks and enhance the firepower of the euro zone's bailout fund.
The officials also urged European policymakers to present a detailed plan by the next European Union summit in Brussels on October 23.
Shares in the financial were broadly higher, with France's BNP Paribas surging 2.50% and Societe Generale jumping 2.08%, while Germany's Deutsche Bank saw shares climb 2.31%.
Peripheral lenders added to gains, as Italian groups Intensa Sanpaolo and Unicredit soared 3.08% and 3.16% respectively.
Construction companies were also on the upside, with shares in France's manufacturing giant Saint Gobain surging 4.17% and Lafarge, the world's second largest cement producer, jumping 2.42%.
Meanwhile, German firm HeidelbergCement saw shares soar 4.00% and Spanish construction giant Sacyr Vallehermoso skyrocketed 5.43%.
In London, commodity-heavy FTSE 100 climbed 0.89, tracking gains by cyclical stocks amid rising commodity prices.
Mining giants BHP Billiton and Rio Tinto saw shares jump 2.26% and 3.46% respectively, while British Petroleum soared 5.19%.
Copper producers were also among the top gainers with shares in Kazakhmys and Xstrata rising 2.83% and 2.32%.
U.K. lenders shadowed their European counterparts, as shares in the Royal Bank of Scotland jumped 4.82% and Barclays climbed 4.43%, while Lloyds Banking and HSB Holdings advanced 2.95% and 1.21% respectively.
Elsewhere, U.S. equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.59%, S&P 500 futures signaled a 0.73% increase, while the Nasdaq 100 futures indicated a 0.72% advance.
Later in the day, the U.S. was to publish official data on industrial production, as well as a report on manufacturing activity in New York state.
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