USD 1.7

Baku 28 °C

Paid news

AZ RU EN FA FR

Dark mode

POLITICS

NEWS

World

Economics

Sport

Culture news

Analysis

Blogs

Company

TOP 10

© 2004 - 2026 All copyright are reserved.

Bourse

Bourse

European stock market indices up

05 January 2010 08:43 (UTC +04:00)

Baku - APA-Economics. European stocks rose Monday and hit new 12-month highs, buoyed by oil and basic resources stocks and contradicting more pessimistic opening calls for the start of the year’s trading, the Wall Street Journal reported.
Equity markets received a boost after crude oil surpassed the $80 per barrel level, while rises in most Asian equity markets also helped.
The march higher for commodities was a key feature of 2009 and this is likely to continue in 2010, said a note by Societe Generale.
"Demand from commercial end-users for commodities will improve steadily throughout 2010 for most commodities, driven by the ongoing recovery in global economic growth and, in particular, by continuing, massive Chinese commodity-intensive infrastructure spending," it said.
By 0855 GMT, the pan-European Stoxx 600 index had increased by 1.1% to 255.9 after hitting a new 52-week high at 256.2. London’s FTSE 100 had gained 0.6% at 5444.7, Frankfurt’s DAX was up 0.8% at 6008.0 and Paris’s CAC-40 was 0.9% higher at 3969.7.
On the corporate front, all eyes were on Cadbury after reports in the British press that U.S. suitor Kraft was preparing to increase its bid for the U.K. confectioner. Cadbury was last seen up 0.3% at 800 pence.
Elsewhere, Novartis dipped 0.5% to CHF56.2 after it gained control of Alcon Inc. through the purchase of a 52% stake in the eye-care company from Nestle SA in a $28.1 billion deal. Nestle, also seen as a suitor for Cadbury, gained 0.9% at CHF50.7.
The retail sector was also boosted by an upgrade by Credit Suisse. Although the brokerage thinks 2010 will remain challenging for non-food retailers, it said the market will move to discount cyclical influences. The Stoxx 600 retail sector was last seen up 1.3%.
Earlier, Asian stock markets kicked off 2010 mostly on a positive note. Japan’s Nikkei 225 gained 1.0%, Australia’s S&P/ASX 200 was 0.1% higher and South Korea’s Kospi Composite increased 0.8%. But Hong Kong’s Hang Seng Index was almost flat.
On Thursday, the Dow Jones Industrial Average fell 1.1% to 10,428.1, although it rose 19% for the year, marking its best year on a percentage basis since 2003. The Standard & Poor’s 500 index slipped 1.0% to 1115.1 as all its sectors fell, with utilities seeing the biggest decline. The S&P 500 climbed 23% for the year. The technology-heavy Nasdaq Composite fell 1.0% to 2269.2. It surged 44% over the year.
In the foreign exchange markets, the dollar was stronger against the euro but down against the yen despite demand fueled by expectations that higher long-term U.S interest rates would encourage investors to purchase dollar-denominated assets.
At 0920 GMT, the euro was trading at $1.4347, down from $1.4373 in New York Thursday. The greenback was at Y92.84, down from Y93.03.
Elsewhere, February Nymex crude oil futures were $1.36 higher at $80.72 per barrel, after nudging over the $80 per barrel mark for the first time since mid-November. The U.S. cold snap and consequent rise in heating demand was seen as one factor behind the increase in the price.
Additionally, spot gold increased, and was last seen up $11.90 from the New York close at $1110.55.
But European government bond markets were lower, with the March bund future down 0.10 at 121.09. DOW JONES NEWSWIRES

İDMAN XƏBƏR

Bourse

NEWS FEED

Ukraine halts strikes on tankers using Russian port at US request, FT says