European stocks higher on summit optimism; DAX up 1.53%
Investing.com
Published Dec 07, 2011 04:21AM ET
During European morning trade, the EURO STOXX 50 jumped 1.52%, France’s CAC 40 climbed 1.50%, while Germany’s DAX 30 surged 1.53%.
European leaders are due to discuss changes to EU treaties which would allow for greater fiscal integration and stricter enforcement of budgetary discipline in the single currency bloc.
Markets were also eyeing the European Central Bank’s policy decision on Thursday, as the central bank is seen likely to cut interest rates by 0.25% to 1%.
Financial stocks led gains as shares in BNP Paribas surged 3.43% and Societe Generale soared 3.20%, while German lender climbed 2.97%.
Peripheral lenders also contributed to gains with Italy’s Unicredit and Intesa Sanpaolo jumping 3.03% and 2.47%, while Spanish banks BBVA and Banco Santander advanced 1.49% and 1.62% respectively.
Elsewhere, Austria’s largest electricity provider, Verbund surged 4.24% after Morgan Stanly raised its shares to “overweight” from “equal weight.”
In London, commodity-heavy FTSE 100 advanced 0.86%, boosted by sharp gains in the mining sector.
Copper producer Xstrata was one of the top gainers with shares soaring 3.32%, followed by Kazakhmys, jumping 2.80% while Rio Tinto and Bhp Billiton climbed 2.67% and 1.58%.
U.K. lenders were also sharply higher, tracking their European counterparts. Lloyds Banking jumped 3.39% and Barclays advanced 2.51%, while the Royal Bank of Scotland and Anglo American climbed 2.04% and 1.49% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.85%, S&P 500 futures signaled a 0.97% increase, while the Nasdaq 100 futures indicated a 0.95% gain.
Later in the day, Germany was to produce government data on industrial production.
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Written By: Investing.com
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