Euro­pean stocks mostly rise, euro up vs dol­lar

The Pak Banker - - Company& -

LONDON: Euro­pean stocks mainly rose on Wed­nes­day and the euro climbed slightly against the dol­lar in thin trade fol­low­ing gains across many Asian eq­uity mar­kets and overnight on Wall Street.

Frank­furt's DAX 30 stocks in­dex gained 0.33 per­cent to 6,996.11 points in late morn­ing trade, the Paris CAC 40 won 0.73 per­cent to 3,886.93 points while London's FTSE 100 in­dex dropped 0.23 per­cent to 5,995.27.

London was trad­ing for the first time since Fri­day fol­low­ing a long fes­tive break in Bri­tain.

"Strength in min­ers is help­ing to counter bal­ance weak­ness in bank­ing stocks," noted Joshua Ray­mond, an an­a­lyst at City In­dex trad­ing group.

The FTSE on Fri­day closed above the psy­cho­log­i­cal 6,000point level for the first time in 30 months thanks to a Christ­mas Eve rally.

"London's FTSE 100 went into the Christ­mas break on a re­sound­ing high," said trader Ben Critch­ley at IG In­dex.

"Be­fore Fri­day, the FTSE hadn't closed above 6,000 since June 2008, and it will now be in­ter­est­ing to watch and see whether in­vestors will want to take prof­its out of this lat­est surge, or dig in and set 6,000 as a base for fur­ther growth in 2011," he added.

In for­eign ex­change trade, the euro jumped to 1.3142 dol­lars from 1.3116 dol­lars late on Tues­day in New York.

The rise came as the Euro­pean Cen­tral Bank said bank loans to the eu­ro­zone pri­vate sec­tor in­creased fur­ther in Novem­ber, a sign that the fi­nan­cial sec­tor is slowly re­turn­ing to nor­mal de­spite the debt cri­sis.

"This is a wel­come limited step in the right di­rec­tion," noted IHS Global In­sight's chief Euro­pean econ­o­mist Howard Archer. -PB News

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.