We have updated our privacy policy and terms & conditions. Find out more here.

Euro shares surge into close on bullish data; DAX up 0.89%

Stock MarketsNov 23, 2012 05:10PM GMT Add a Comment

Investing.com - European stock closed sharply higher Friday, as bullish euro zone economic data lifted shares in the wake of positive debt solution sentiment.

At the close of European trade, the EURO STOXX 50 gained 0.87%, France’s CAC 40 added 0.87%, while Germany’s DAX 30 soared 0.89%. 
Sparking the rally, Germany’s Ifo business climate rose unexpectedly last month, data showed on Friday.

In a report, the Ifo Institute for Economic Research said its index of German business climate rose to 101.4, from 100.0 in the preceding month .

Analysts had expected the index to fall to 99.5 last month.

Sentiment remained mildly supported after German Chancellor Angela Merkel on Thursday said an agreement to unlock a delayed bailout installment for Greece was still possible when euro zone finance ministers resume talks on Monday.

Talks between finance ministers and the International Monetary Fund ended without a deal on Tuesday, amid disagreements on how best to reduce the country’s debt to sustainable levels. 

Also Thursday, data showed that Germany’s manufacturing purchasing managers’ index rose to 46.8 in November, up from 46.0 in October and better than forecasts for a reading of 45.9.

The euro zone’s manufacturing PMI rose to 46.2 this month from 45.4 in October, above expectations for a reading of 45.6, while French factory data also improved more-than-expected. 

Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale fell 0.33% and 0.22%, while Germany's Deutsche Bank and Commerzbank declined 0.63% and 1.97% respectively. 

Meanwhile, EADS plunged 3.70% amid reports the German government is about to buy shares in the company from France. German and French governments aim to have 12% ownership each in EADS, while Spain will hold a 5% stake, according to German newspaper Handelsblatt. 

On the upside, Delta Lloyd climbed 0.81% after the financial services company canceled the sale of its German operations to Nomura Holdings and said it continues to explore strategic options for the business. 

In London, commodity-heavy FTSE 100 gained 0.49%, weighed by losses in oil and mining stocks. 

Steel maker Evraz led losses, with shares dropping 0.84%, while mining giants Rio Tinto and BHP Billiton slid 0.86% and 0.26% respectively. 

Oil and gas major Anglo American was also on the downside, with shares tumbling 0.84%, while rival BP fell 0.21%. 

In the financial sector, stocks were steady to lower. Lloyds Banking inched down 0.02% and Barclays dipped 0.05%, while the Royal Bank of Scotland retreated 0.70%. HSBC Holdings overperformed on the other hand, with shares easing up 0.05%. 

In the U.S., equity markets followed higher with the DJIA up 0.84%, the broad based S&P 500 higher by 0.84% and the tech heavy Nasdaq surging 1.11%

Trade volumes were expected to remain light, with U.S. markets closing early for Thanksgiving weekend.

Euro shares surge into close on bullish data; DAX up 0.89%

Related Articles

Asian shares, dollar stand tall in thin trade
Asian shares, dollar stand tall in thin trade
By Reuters - Dec 22, 2014

By Lisa Twaronite TOKYO (Reuters) - Asian shares and the dollar began a holiday-shortened week on a strong footing on Monday, with the euro testing two-year lows against the ...

Dish Network Drops Fox News
Dish Network Drops Fox News
By International Business Times - Dec 21, 2014

By Abigail Elise - It’s the holidays. Can’t we all just get along? For FOX News and Dish Network, the answer is no. For the third time this month, Dish Network ...

Add a Comment


Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
Are you sure you want to delete this chart?
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.