European stocks steady after ZEW data; Dax up 0.01%
Published Jun 18, 2013 07:28AM ET
During European afternoon trade, the EURO STOXX 50 eased up 0.01%, France’s CAC 40 dipped 0.07%, while Germany’s DAX 30 inched 0.02% higher.
The ZEW Centre for Economic Research said that its index of German economic sentiment rose by 2.1 points to 38.5 in June from May’s reading of 36.4.
Analysts had expected the index to rise by 1.7 points to 38.1 in June.
But investors remained cautious amid growing expectations that the Fed will to start to unwind its USD85 billion-a-month bond purchasing program later this year.
In May, Fed Chairman Ben Bernanke said the bank could begin to taper asset purchases if the economy continued to improve.
Financial stocks turned broadly higher, as shares in French lenders BNP Paribas and Societe Generale jumped 1.26% and 1.43%, while Germany's Deutsche Bank advanced 0.73%.
Peripheral lenders added to gains, with Spanish banks Banco Santander and BBVA climbing 0.57% and 1.18% respectively, while Italy's Intesa Sanpaolo and Unicredit rallied 0.82% and 1.22%.
Elsewhere, Kabel Deutschland surged 3.86% after saying it received a proposal from cable company Liberty Global. The offer comes after Vodafone Group last week said it has approached the German company about a takeover.
In London, FTSE 100 climbed 0.82%, supported by gains in the financial sector, while official data showed that consumer inflation in the U.K. rose more than expected in May.
Shares in Lloyds Banking jumped 1.73% and the Royal Bank of Scotland rallied 1.89%, while HSBC Holdings and Barclays surged 2.21% and 2.52%.
Meanwhile, mining stocks were mixed. Rio Tinto added 0.26% and Anglo American edged up 0.14%, while Evraz and Eurasian Natural Resources plummeted 2.22% and 2.93% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.18% gain, S&P 500 futures signaled a 0.24% rise, while the Nasdaq 100 futures indicated a 0.24% increase.
Later in the day, the U.S. was to release official data on building permits, housing starts and consumer price inflation.
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Written By: Investing.com
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