2:00PM New York, 8:00PM Frankfurt – European stocks trade mixed in today’s trade./R]
Europe market update
European stocks traded mixed in today’s trading session, the key indices in Germany closed higher while for France the indices closed lower.
The CAC 40 fell 0.11% to 4,613.78. In Germany the DAX 30-index gained 6.31 points or 0.09% to 6,735.22. Shares in Switzerland dropped as the Swiss Market index slipped 19.81 points or 0.28% to 7,162.75. The FTSE 100 slipped 19 points or 0.33% to 5,737.90.
The Brent Crude Oil Futures lost $2.29 or 1.68% to $134.15 a barrel.
France Telecom unlikely to raise funds for TeliaSonera bid
Gervas Pellissiers, the chief financial officer reported that France Telecom SA has limited margin to raise about 246.2 billion kronor for its Sweden’s TeliaSonera AB bid. The company is likely to walk away from the deal if it fail to raise funds.
Gainers and losers
Vallourec led the gainers in the CAC 40 index stocks with a rise of 5.56% to 211.44 euros followed by gains in Arcelormittal of 4.31% to 65.54 euros, in EDF of 2.20% to 63.84, in Total of 1.45 to 52.34 euros and in Gaz De France of 1.32% to 42.92 euros.
Dexia led the decliners in the CAC 40 index with a loss of 5.30% to 12.49 euros followed by losses in Alcatel-Lucent of 3.18% to 4.25 euros, in Veolia Environment of 2.67% to 37.05 euros, in STMicroelectronics of 2.63% to 7.19 euros and in Bouygues of 2.50% to 43.59 euros.
Among the DAX 30 index shares, ThyssenKrupp led the gainers with a rise of 1.72% to 41.35 euros followed by gains in RWE AG of 1.71% to 81.66, in Allianz of 1.35% to 118.58 euros, in E.ON AG of 1.32% to 129.65 euros and in Hypo Real Estate Holdings of 1.14% to 21.25 euros.
MAN AG led the decliners in the DAX 30 index with a fall of 3.14% to 82.04 euros followed by losses in Adidas of 2.19% to 43.33 euros, in Deutsche Postbank of 2.17% to 58.19 euros, in Deutsche Post AG of 1.86% to 17.92 euros and in Infineon Technologies of 1.58% to 6.52 euros.
The largest chemical producer BASF SE plans to cancel its proposed 3 billion euros share buyback after company looks for ways to pay for the rising energy cost but has completed its earlier plan to buyback share of 3 billion euros in 2007 and 2008.
Precious metals rise
At 4:59 PM, in London, gold gained $9.70 to $903 an ounce. Silver advanced 15 cents to $17.22 an ounce, platinum fell $32 to $2,067 an ounce, palladium gained $6 to $472 an ounce and copper futures gained $4.50 to $379.25 an ounce.
2:00AM New York, 7:00PM London - UK retail sales rise 3.5% in May. Treasury proposes additional powers for the BOE and FSA.
Stocks in London fell fractionally after mixed reports showed increases in May retail sales and falling house prices for the same month.
Also the Bank of England Governor Mervyn King gave a gloomy outlook on the state of the economy, indicating that consumers will have to endure declining real purchasing power as authorities try to rein in on rising inflation.
Market sentiment |
