European stocks hold gains in light trade; Dax up 0.36%
Published Jan 21, 2013 07:07AM ET
During European afternoon trade, the EURO STOXX 50 rose 0.33%, France’s CAC 40 added 0.26%, while Germany’s DAX 30 advanced 0.36%.
The euro group of euro zone finance ministers was to hold talks to discuss how the euro zone’s permanent bailout fund, the European Stability Mechanism can provide direct aid to banks.
On Friday Jean-Claude Juncker, the outgoing chairman of the eurogroup endorsed Dutch Finance Minister Jeroen Dijsselbloem as a "good" candidate to take over his job.
The appointment will be closely watched as the head of the eurogroup plays a vital role forming a policy response to the debt crisis.
Financial stocks remained mostly higher, as shares in German lenders Deutsche Bank and Commerzbank rose 0.19% and
French lenders BNP Paribas and Societe Generale rose 0.19% and 0.59%, while France's Societe Generale jumped 1.38%. BNP Paribas underperformed on the other hand, slipping 0.24%.
Peripheral lenders were also on the upside, with Italian banks Intesa Sanpaolo and Unicredit adding 0.20% and 0.90%, while Spain's BBVA rose 0.26%.
On the downside, Richemont plummeted 5.62% after the maker of Cartier jewelry reported third-quarter revenue that missed analysts' estimates.
In London, commodity-heavy FTSE 100 added 0.14%, supported by gains in mining stocks.
Mining giants BHP Billiton and Rio Tinto climbed 0.58% and 0.41%, while copper producers Xstrata and Kazakhmys were up 0.95% and 0.06%.
Admiral Group added to gains, surging 5.24% after Goldman Sachs raised its recommendation for the car insurer to "conviction buy" from "neutral".
Elsewhere, financial stocks turned broadly lower, as Lloyds Banking edged 0.11% lower and Barclays slipped 0.19%, while HSBC Holdings fell 0.22%. The Royal Bank of Scotland remained sharply higher however, surging 1.71%.
In the U.S., markets were to remain closed for a national holiday.
Earlier Friday, official data showed that producer price inflation in Germany slipped 0.3% in December after a 0.1% fall the previous month. Analysts had expected producer price inflation to be flat last month.
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Written By: Investing.com
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