European markets kick-off the week sharply in green

Monday, 15. February 2016 11:30

European stock markets started the trading opening sharply higher, and saw early gains, despite murky news from China on the state of the economy, and with the background of the modest rise of oil prices.

The latest Eurostat data show a December trade surplus of €167.5 billion for the Eurozone, and €64.2 billion surplus for the entire European Union.

Pan-European indices such as Stoxx 50 and DJ EuroStoxx 50 rose 2.71% and 3.07%, respectively, indicating the overall confidence.

The German DAX index rose 2.73% as of 11:15 a.m. CET, as shares of the two leading energy companies jumped on the report from federal government that consumers should pay to cover costs of disposal of nuclear waste from closing nuclear plants, rather than companies. E.ON enjoyed a rise of 6.09%, while RWE AG rose 3.33%. Other winners included Volkswagen AG, BMW, Daimler AG, Infineon, Fresenius, Continental and Deutsche Börse, the host of the trade. Even the poorest performers like Commerzbank AG, Deutsche Bank AG, Siemens AG and BASF SE were around 2% in the green territory.

The French CAC 40 rose 3.17% as of 11:10 a.m. CET, with automotive and financial sectors pulling the entire index up. Peugeot rocketed 7.58% followed by Renault - 6.13%. Société Générale jumped 4.86% and Credit Agricole followed with rise of 4.50%, while insurance group AXA added 4.37%.

The FTSE 100 index rose 2.02% by 11:11 a.m. CET, with banking sector leading the trade, while mining sector was divided in the gains and losses: Anglo American rocketed 7.45%, while Randgold lost 3.25%, Fresnillo dipped 3.01% and Rio Tinto edged 0.43% in the red. Rolls-Royce lost 1.24%.

The euro was weaker against the U.K. sterling by 0.35%, and 0.47% again the U.S. dollar, and strengthened 0.15% against the Swiss franc and 0.09% against the Japanese yen, all at 11:29 a.m. CET.

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Breaking the News / ZR