European stocks hold gains after Italian auction, U.S. data; DAX up 0.41%
Investing.com
Published Dec 29, 2011 08:53AM ET
During European afternoon trade, the EURO STOXX 50 rose 0.15%, France’s CAC 40 advanced 0.12%, while Germany’s DAX 30 added 0.41%.
With most investors already away on year-end leave, trading volumes were thin, resulting in tight liquidity conditions and irregular volatility.
Italy’s Treasury sold just over EUR7 billion of long-term debt maturing between 2014 and 2022, below the maximum target of EUR8.5 billion.
Following the auction, the yield on Italy’s 10-year bonds traded at 7.1%, above the critical 7% threshold widely seen as unsustainable in the long-term.
Meanwhile, data showed that the number of people who filed for unemployment assistance in the U.S. last week rose more-than-expected to 381,000.
Financial stocks turned broadly lower as shares in Germany’s Deutsche Bank fell 0.19%, while French lenders BNP Paribas and Societe Generale tumbled 1.48% and 1.82%, extending earlier losses.
Peripheral lenders also contributed to losses with Italy’s Unicredit and Intesa Sanpaolo declining 2% and 0.24% respectively, while Spanish groups BBVA and Banco Santander slumped 1.02% and 0.18%.
On the upside, chemical companies were among the day’s top gainers with Bayer surging 1.71% and BASF adding 0.74%.
In London, commodity-heavy FTSE 100 rose 0.18%, supported by gains in energy and mining stocks.
Anglo American advanced 0.42% and British Petroleum added 0.18%, while mining giant Bhp Billiton climbed 0.91%.
Meanwhile, copper producers Xstrata and Kazakhmys declined 0.12% and 0.33% respectively.
Financial stocks remained mixed as shares in the Royal Bank of Scotland jumped 1.56% and Lloyds Banking climbed 0.82%, while Barclays and HSBC Holdings slid 0.52% and 0.11%.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.23%, S&P 500 futures signaled a 0.30% increase, while the Nasdaq 100 futures indicated a 0.32% gain.
Later in the day, the U.S. was to release industry data on pending home sales and business conditions in the Chicago area, as well as an official report on crude oil stockpiles.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.