European stocks enjoy two days of gains
Trading Floor News October 31, 2012 3:00 PM
<p>- Despite the US Markets obviously being closed due to Hurricane Sandy the last two days, European stocks did enjoy two days of gains after […]</p>
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- Despite the US Markets obviously being closed due to Hurricane Sandy the last two days, European stocks did enjoy two days of gains after being lifted by decent earnings reports in the banking and energy sectors. It remains to be seen whether sentiment will continue or is short-lived, as it looks like an offset against continual weakness in overall dataflow. This including Spanish GDP contracting, incidentally the 5th consecutive quarter of contraction, and German unemployment rising for the 7th consecutive month
- The FTSE is at 5850 so only about 6 points higher from yesterdays close, the DAX is 7345 so 60 points higher and the CAC is at 3483 so 20 points higher
- The UK main index trading higher due to slight strength in the mining sector offsetting pretty cautious outlooks from Barclays and Next
- Barclays currently lower by 4.5% at 228 after their downbeat forecast, despite announcing nine-month results in-line with expectations. BG Group are the biggest fallers, however, they are lower by almost 10%. They recorded an increase in third quarter pretax profit and expects its 2013 production to be in line with 2012
- The biggest risers are International Consolidated Airlines up 2.9%, buoyed by the prospects of resuming normal business on the trans-Atlantic routes that were disrupted. Tullow Oil are also up 2.7%, in-line with demand in crude oil
- So investors eagerly await the opening of the US Markets; in economic data, keep your eyes on EUR consumer confidence figure later this morning, and also Canadian GDP figures at 12.30pm
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