1:10 PM Frankfurt – European indexes extended gains for the fifth day this week on the back of sustained support from the central banks, mixed earnings report and rising economic expectations in Japan and the U.S. German exports rose more than expected in the quarter to March.
Markets across Europe traded higher for the fifth day in a row this week after German exports increased more than expected.
In London trading, FTSE 100 index increased 0.6% and in Frankfurt trading DAX index gained 0.7%. In Paris, CAC 30 index added 0.69%.
German exports adjusted for working days and season changes, increased 0.5% in March from a decline of 1.2% in February, the Federal Statistics Office in Wiesbaden said.
Imports increased 1.5% in the month from February.
A group of 400 investors plan to seek about 200 million euros in compensation from the Bank of Spain and other supervisory authorities in Spain for losses linked to Bankia share collapse from its offering price of 3.75 euros to worthless.
In an unusual case, investors’ Spanish legal counsel Cremades & Calvo-Sotelo, accused the central bank and other supervisory authorities to adequately monitor and oversee Bankia before its listing in July 2011 and subsequent nationalization of the bank.
The Bank of Spain declined to comment on the legal challenge.
Gerb party controlled by former Prime Minister Boyko Borrissov is slightly ahead of its nearest rival Socialist Party in Bulgarian election that is scheduled on May 12, according to two independent surveys.
Borrissov, the former bodyguard and prime minister, resigned after street protests in February after the poorest member of the European Union failed to improve living standard under his leadership.
Bulgaria has the lowest debt-to-GDP ratio of 18.5% in the European Union has labored under austerity measures since 1997 and the economy is expected to grow 0.9% in 2013.
Stocks in Review
ABB Ltd decreased 1.3% after the Swiss industrial company said its CEO Joe Hogan has decided to leave the company on personal reasons and will stay in the office until a replacement is appointed.
ArcelorMittal advanced 6% after the largest steel maker in Europe reported operating earnings declined to $1.57 billion in March quarter compared to $2.12 billion in the period a year ago.
BT Group Plc soared 12% after the largest fixed-line telephone network in the UK after the company reported fourth quarter net income ahead of expectations and the company added more Internet access subscribers.
Operating earnings adjusted for one-time charges increased 4% to 1.67 billion pounds in the quarter.
Generali SpA increased 1.7% after Italy’s largest insurance company said its first quarter profit increased 6.3% to 603 million euros from 567 million euros.
ICAG SA, the parent of British Air and Iberia airlines, decreased 4% after the holding company said its first quarter loss widened on currency volatility and one-time charge of 311 million euros against job cuts at Iberia.