European stocks mostly rise, euro up vs dollar
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