European stocks rise ahead of German data; Dax up 0.37%
Published Apr 24, 2013 03:48AM ET
During European morning trade, the EURO STOXX 50 climbed 0.59%, France’s CAC 40 advanced 0.60%, while Germany’s DAX 30 rose 0.34%.
Stocks gained ground as expectations for an ECB rate cut mounted on Tuesday after data showing that Germany’s manufacturing and service sectors contracted in April fuelled fears over the outlook for growth in the euro zone’s largest economy.
Financial stocks were broadly higher, as shares in French lenders Societe Generale and BNP Paribas jumped 0.97% and 1.53%, while Germany's Deutsche Bank rallied 1.67%.
Peripheral lenders added to gains, with Spanish banks Banco Santander and BBVA climbing 0.54% and 1.38%, while Italy's Intesa Sanpaolo and Unicredit advanced 1.55% and 1.58% respectively.
Elsewhere, French carmaker Peugeot soared 8.67% after reporting a 6.5% drop in first-quarter revenue to EUR13 billion but saying that revenue exceeded the EUR12.7 billion average estimate.
In London, commodity-heavy FTSE 100 gained 0.34%, boosted by gains in mining stocks.
Shares in BHP Billiton and Rio Tinto surged 2.50% and 4.12% respectively, while rivals Eurasian Natural Resources and Polymetal rallied 4.85% and 4.69%.
Copper producers Xstrata and Kazakhmys were also trending sharply higher, climbing 2.91% and 7.36%.
Meawhile, U.K. lenders were broadly higher, as shares in HSBC Holdings gained 0.71% and Lloyds Banking advanced 1.57%, while the Royal Bank of Scotland jumped 1.93% and Barclays surged 3.78%.
Barclays announced earlier that its pretax profit fell 25% in the first quarter, missing analyst estimates.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.24% gain, S&P 500 futures signaled a 0.25% rise, while the Nasdaq 100 futures indicated a 0.30% increase.
The euro zone was to release the Ifo index of German business climate later Wednesday, while the U.S. was to produce government data on durable goods orders.
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Written By: Investing.com
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