European stocks rise after positive Spanish data; Dax up 0.05%
Published Dec 04, 2012 03:54AM ET
During European morning trade, the EURO STOXX 50 rose 0.35%, France’s CAC 40 climbed 0.52%, while Germany’s DAX 30 inched up 0.05%.
Spain's Employment Ministry said that the number of unemployed people rose less-than-expected in November, rising by 74,300 after an increase of 128,200 the previous month.
Analysts had expected the number of unemployed people to rise by 90,500 in November.
Meanwhile, sentiment remained supported after Greece on Monday launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion.
In addition, Spanish bond yields turned lower after Madrid formally requested a bailout to recapitalize its banking sector.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale rallied 1.08% and 1.04%, while Germany's Deutsche Bank and Commerzbank climbed 1.15% and 0.44% respectively.
Peripheral lenders also trended higher, as Italian banks Unicredit and Intesa Sanpaolo jumped 1.91% and 1.84%, while Spain's BBVA and Banco Santander advanced 0.31% and 0.54%.
On the downside, France-based Renault dropped 0.88% following reports it is losing sales faster than any other European carmaker.
In London, FTSE 100 eased up 0.02%, supported by sharp gains in financial stocks.
Shares in Barclays climbed 0.65%, while the Royal Bank of Scotland and Lloyds Banking both advanced 0.79%. HSBC Holdings underperformed on the other hand, with shares slipping 0.13%.
Mining stocks added to gains, as giants Rio Tinto and BHP Billiton rose 0.34% and 0.09% respectively, while copper producer Kazakhmys added 0.34%.
Elsewhere, Wolseley tumbled 1.31%, after the trade distributor of plumbing and heating products reported an increase in first quarter revenue and said further restructuring charges are expected.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.07% rise, S&P 500 futures signaled a 0.05% gain, while the Nasdaq 100 futures indicated a 0.07% increase.
Later in the day, finance ministers from the European Union were to hold talks in Brussels.
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