European stocks remain higher, focus on EU talks; DAX up 0.80%
Published Mar 14, 2013 07:56AM ET
During European afternoon trade, the EURO STOXX 50 jumped 0.99%, France’s CAC 40 advanced 0.62%, while Germany’s DAX 30 climbed 0.80%.
EU leaders gather in Brussels today for a two-day summit to endorse plans for “structural” assessments of national budgets and discuss a bailout for Cyprus.
Sentiment continued to be supported as Wednesday's positive U.S. retail sales data added to optimism that the country's recovery is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.
Financial stocks remained broadly higher, as shares in French lenders BNP Paribas and Societe Generale jumped 1.53% and 1% respectively, while Germany's Deutsche Bank rallied 1.30%.
Peripheral lenders also contributed to gains, with Spanish banks BBVA and Banco Santander advancing 1.84% and 1.72%, while Italy's Unicredit climbed 0.58%.
Shares in Frankfurt were further boosted by a 3.83% gain in cement maker HeidelbergCement after the company said debt declined more-than-expected last year due to improved earnings.
Elsewhere, in London, FTSE 100 was up 0.37%, as gains remained limited by losses in raw material producers.
Mining heavyweights BHP Billiton and Rio Tinto slumped 0.89% and 1.82% respectively, while Antofagasta declined 0.87%.
In earnings news, Home Retail Group saw shares soar 10% after the retailer raised its full-year profit outlook.
Elsewhere, financial stocks were mixed. Shares in Barclays and HSBC Holdings jumped 0.95% and 1.37%, while the Royal Bank of Scotland and Lloyds Banking slid 0.02% and 1.67%.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.12% gain, the S&P 500 futures signaled a 0.17% rise, while the Nasdaq 100 futures indicated a 0.22% increase.
Later in the day, the U.S. was to release government data on producer price inflation and the weekly government report on initial jobless claims.
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Written By: Investing.com
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