Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

European stocks surge ahead of Portugal debt sale; DAX up 1.28%

Published 01/12/2011, 04:33 AM
NDX
-
UK100
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
SOGN
-
SAN
-
XTA
-
AAL
-
BHPB
-
HG
-
HDJA
-
AVIA
-
FTNMX551030
-
Investing.com – European stock markets posted sharp gains on Wednesday ahead of a crucial Treasury bill sale by Portugal, while U.S. futures indexes pointed to a higher open on Wall Street.

During European morning trade, the EURO STOXX 50 jumped 1.69%, France’s CAC 40 surged 1.33%, while Germany's DAX rallied 1.28%.

Markets remained focused on whether Portugal would be able to raise funds in the debt market or be forced to turn to the European Union and International Monetary Fund for a bailout ahead of a scheduled auction of up to EUR1.25 billion worth of Portuguese debt later in the day.

Meanwhile, shares in the financial sector performed strongly following reports that European Union leaders were to discuss plans to expand the bailout fund for indebted euro-zone countries.

Shares in Spain’s largest lender Banco Santander soared 5.98%, Societe Generale saw shares jump 4.53%, while shares in Italy’s biggest bank Unicredit surged 5.44%.

Elsewhere, shares in the world’s second largest aerospace company European Aeronautic Defence & Space rallied 4.58% after its Airbus SAS unit announced an order of 180 new jets from Indian carrier IndiGo, the biggest order in commercial aviation history.

In London, the commodity-heavy FTSE 100 climbed 0.54% as miners led gains after metal prices advanced.

Shares in copper producer Anglo American jumped 2.19%, rival Xstrata saw shares surge 2.27%, while shares in the world’s largest mining group BHP Billiton added 1.21%.

Meanwhile, shares in U.K. fund manager Henderson Group soared 11.22% after it agreed to acquire smaller rival Gartmore Group for approximately GBP335 million. Shares in Gartmore surged 10.93% following the news.

The outlook for U.S. equity markets, meanwhile, was upbeat. The Dow Jones Industrial Average futures pointed to a rise of 0.50%, S&P 500 futures indicated a gain of 0.55% and Nasdaq 100 futures pointed to an increase of 0.45%.

Later in the day, the U.S. was to release a flurry of data, with reports on import prices and the federal budget balance while the Federal Reserve was to publish its Beige Book.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.