European stocks mixed ahead of Spanish auction; DAX up 0.53%
Investing.com
Published Dec 20, 2011 04:33AM ET
During European morning trade, the EURO STOXX 50 rose 0.7-%, France’s CAC 40 climbed 0.64%, while Germany’s DAX 30 advanced 0.53%.
European Union finance ministers agreed on Monday to boost International Monetary Fund resources by EUR150 billion with the support of EU allies, in order to tackle the region’s financial woes.
Meanwhile, European Central Bank President Mario Draghi reiterated that the bank’s bond purchasing program was temporary and "not infinite" and said the euro zone economy was likely to enter a recession by early next year.
The financial sector was broadly higher as shares in France’s BNP Paribas jumped 1.95% and Societe Generale climbed 1.78%, while German lender Deutsche Bank advanced 0.61%.
Peripheral lenders added to gains with Italy’s Unicredit and Intesa Sanpaolo surging 3.45% and 3.28%, while Spanish groups BBVA and Banco Santander added 0.81% and 1.25% respectively.
Car makers were also sharply higher as shares in BMW soared 2.46% and Daimler gained 1.47%, while Volkswagen advanced 0.95%.
In London, FTSE 100 slipped 0.08%, after data showed that consumer confidence in the U.K. slightly improved in November but still remained close to a record low.
Financial stocks were mixed as shares in the Royal Bank of Scotland declined 0.72% and Barclays retreated 0.58%, while Lloyds Banking and HSBC Holdings rose 0.06% and 0.17% respectively.
Elsewhere, energy stocks turned lower with British Petroleum falling 0.57% and International Power inching down 0.09%, while mining giants Rio Tinto and Bhp Billiton saw shares climb 0.35% and 0.47%.
Copper producers Xstrata and Kazakhmys were also on the upside with shares adding 0.14% and 1.47%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.67%, S&P 500 futures signaled a 0.85% increase, while the Nasdaq 100 futures indicated a 0.89% gain.
Earlier Tuesday, a report by Ifo showed that an index of Germany's business climate rose more-than-expected to 107.2 in December, confounding expectations for a rise to 106.2.
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