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European stocks push slightly higher in thin trade; Dax up 0.20%

Published 11/11/2013, 07:17 AM
Updated 11/11/2013, 07:17 AM

Investing.com - European stocks pushed slightly higher in thin trade on Monday, although markets remained jittery amid ongoing uncertainty over when the Federal Reserve will begin tapering its stimulus program.

During European afternoon trade, the EURO STOXX 50 rose 0.27%, France’s CAC 40 gained 0.31%, while Germany’s DAX 30 added 0.20%.

Data on Friday showed that the U.S. economy added 204,000 jobs in October, significantly higher than the 125,000 expected by economists. The unemployment rate ticked up to 7.3% from an almost five year low of 7.2% the previous month.

The upbeat data indicated that the U.S. economy shrugged off the impact of the government shutdown and added to expectations that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as next month.

European equities gained ground last week, after the European Central Bank unexpectedly cut its benchmark interest rate from 0.5% to 0.25% late last week and indicated that further rate cuts are still possible.

Financial stocks turned mostly higher, as French lenders BNP Paribas and Societe Generale gained 0.66% and 0.17%, while Germany's Deutsche Bank slipped 0.14%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA rose 0.13% and 0.46% respectively, while Italy's Unicredit and Intesa Sanpaolo climbed 0.70% and 0.88%.

Elsewhere, Deutsche Telekom plummeted 2.02% after agreeing to buy GTS Central Europe for EUR546 million, adding landline networks in countries where the German phone company’s services are predominantly wireless.

In London, FTSE 100 rose 0.17%.

RSA Insurance remained one of the worst performers on the index, down 8.03%, after the company suspended three executives in its Irish business arm over what it said were 'issues' in its claims unit.

In the mining sector, stocks also remained broadly lower as Glencore Xstrata retreated 0.72%, while Rio Tinto and BHP Billiton tumbled 1.43% and 1.07% respectively.

Meanwhile, financial stocks turned higher. HSBC Holdings rose 0.29% and Barclays advanced 0.91%, while Lloyds Banking and the Royal Bank of Scotland surged 2.91% and 3.01%.

In the U.S., equity markets pointed to a mixed to higher open. The Dow Jones Industrial Average futures pointed to a 0.11% rise, S&P 500 futures signaled a 0.08% gain, while the Nasdaq 100 futures indicated a 0.01% dip.


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