European stocks hold gains as Bernanke comments in focus; Dax up 0.61%
Published Jan 14, 2013 07:10AM ET
Investing.com - European stocks held gains on Monday, as investors eyed a highly anticipated speech by Federal Reserve Chairman Ben Bernanke later in the session.
During European afternoon trade, the EURO STOXX 50 rose 0.28%, France’s CAC 40 advanced 0.51%, while Germany’s DAX 30 climbed 0.61%.
Market participants were awaiting Bernanke's speech on monetary policy and the recovery from the global financial crisis later Monday, amid speculation that the Fed chairman would quash speculation over an earlier-than-expected end to the central bank’s quantitative easing program.
Meanwhile, sentiment remained supported by hopes that the situation in the euro zone is stabilizing. Earlier Monday, International Monetary Fund head Christine Lagarde said the region’s economy will begin to recover this year, reiterating remarks by the president of the European Central Bank last week.
Financial stocks remained broadly higher, as shares in French lenders BNP Paribas and Societe Generale rose 0.57% and 3.98%, while Germany's Deutsche Bank and Commerzbank rallied 0.94% and 1.89% respectively.
Peripheral lenders also posted sharp gains, with Italian banks Unicredit and Intesa Sanpaolo climbing 1.03% and 0.60%, while Spain's BBVA and Banco Santander rose 0.91% and 0.13%.
Elsewhere, Swatch Group surged 2.88% after saying it is buying the Harry Winston watch and jewelry brand for about USD1 billion.
On the downside, TNT Express dove 41.25% after United Parcel Service Inc. said it expects antitrust regulators to block its takeover of TNT.
In London, FTSE 100 edged up 0.15%, as U.K. lenders tracked their European counterparts higher.
Shares in Barclays added 0.12% and HSBC Holdings rose 0.38%, while the Royal Bank of Scotland and Lloyds Banking rallied 2.12% and 2.52%.
Mining giants BHP Billiton and Rio Tinto added to gains, climbing 0.46% and 1.23%, while copper producers Xstrata and Kazakhmys remained on the downside, on the other hand, declining 0.26% and 1.18%.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.04% gain, S&P 500 futures signaled a 0.06% rise, while the Nasdaq 100 futures indicated a 0.36% drop.
Also Monday, official data showed that industrial production in the euro zone slipped 0.03% in November, disappointing expectations for a 0.1% rise, after a 1% decline the previous month.
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.