Investing.com - European stock markets were higher on Monday, but investors remained cautious amid sustained concerns over the debt crisis in the euro zone, despite reassuring remarks by the leaders of the Group of Eight nations over the weekend.
During European morning trade, the EURO STOXX 50 climbed 0.57%, France’s CAC 40 jumped 1.06%, while Germany’s DAX 30 advanced 0.72%.
Markets were jittery after G8 leaders failed to reach an agreement on how to calm market turmoil stemming from the crisis in the euro zone. However, in a statement they indicated that they do want Greece to remain in the euro area and pledged to take measures to bolster their economies.
Investors were wary amid lingering fears over the possibility of a Greek exit from the euro zone and concerns over the health of Spain’s banking sector.
Financial stocks were broadly higher, led by Italy’s Intesa Sanpaolo, up 2.25%, and closely followed by Dutch lender ING Group, with shares climbing 1.75%.
France’s BNP Paribas and Societe Generale also added 0.42% and 0.13% respectively, while German lenders Deutsche Bank and Commerzbank jumped 1.21% and 0.86%.
Nokia Finland saw shares surge 3.15% following reports the company will release its first Windows Phone 8 smartphones by the end of 2012. Nokia recently teamed-up with Microsoft in an attempt to make the Finnish company profitable again.
French insurer Axa also added to gains, with shares advancing 1.73%, after announcing earlier the launch of the Axa WF Global Strategic Bond fund, due to invest in government bonds, inflation-linked bonds, investment-grade debt, high-yield debt and emerging market debt.
In London, commodity-heavy FTSE 100 rose 0.58%, supported by gains in mining stocks while industry data showed that house price inflation in the U.K. was flat in May.
Shares in Anglo American jumped 1.15%, while Bhp Billiton climbed 0.95%. Rio Tinto, on the other hand, saw shares fall 0.50%, as rising costs and calls for higher returns to shareholders lead to a more cautious approach over the company’s iron ore operations in Australia.
Meanwhile, copper producers Xstrata and Kazakhmys advanced 0.98% and 1.23% respectively, while oil companies BP and Vedanta Resources rose 0.81% and 3.12%.
Financial stoks were mixed. Barclays climbed 1.04% and Lloyds Banking added 0.58%, while HSBC Holdings rose 0.65% and the Royal Bank of Scotland declined 1.07%.
Elsewhere, Ryanair plummeted 6.20% after Europe’s largest discount airline forecast said its net income will probably be in the range of EUR400 million to EUR440 million euros this year amid higher fuel costs.
The company still posted a 25% increase in net income to EUR502.6 million euros in the 12 months to March 31.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to rise of 0.75%, S&P 500 futures signaled a 0.85% gain, while the Nasdaq 100 futures indicated a 0.91% increase.
Markets were also eyeing a first meeting between German Finance Minister Wolfgang Schaeuble and his newly installed French counterpart, Pierre Moscovici, in Berlin later Monday, as European Union leaders were preparing for a summit in Brussels on May 23.
During European morning trade, the EURO STOXX 50 climbed 0.57%, France’s CAC 40 jumped 1.06%, while Germany’s DAX 30 advanced 0.72%.
Markets were jittery after G8 leaders failed to reach an agreement on how to calm market turmoil stemming from the crisis in the euro zone. However, in a statement they indicated that they do want Greece to remain in the euro area and pledged to take measures to bolster their economies.
Investors were wary amid lingering fears over the possibility of a Greek exit from the euro zone and concerns over the health of Spain’s banking sector.
Financial stocks were broadly higher, led by Italy’s Intesa Sanpaolo, up 2.25%, and closely followed by Dutch lender ING Group, with shares climbing 1.75%.
France’s BNP Paribas and Societe Generale also added 0.42% and 0.13% respectively, while German lenders Deutsche Bank and Commerzbank jumped 1.21% and 0.86%.
Nokia Finland saw shares surge 3.15% following reports the company will release its first Windows Phone 8 smartphones by the end of 2012. Nokia recently teamed-up with Microsoft in an attempt to make the Finnish company profitable again.
French insurer Axa also added to gains, with shares advancing 1.73%, after announcing earlier the launch of the Axa WF Global Strategic Bond fund, due to invest in government bonds, inflation-linked bonds, investment-grade debt, high-yield debt and emerging market debt.
In London, commodity-heavy FTSE 100 rose 0.58%, supported by gains in mining stocks while industry data showed that house price inflation in the U.K. was flat in May.
Shares in Anglo American jumped 1.15%, while Bhp Billiton climbed 0.95%. Rio Tinto, on the other hand, saw shares fall 0.50%, as rising costs and calls for higher returns to shareholders lead to a more cautious approach over the company’s iron ore operations in Australia.
Meanwhile, copper producers Xstrata and Kazakhmys advanced 0.98% and 1.23% respectively, while oil companies BP and Vedanta Resources rose 0.81% and 3.12%.
Financial stoks were mixed. Barclays climbed 1.04% and Lloyds Banking added 0.58%, while HSBC Holdings rose 0.65% and the Royal Bank of Scotland declined 1.07%.
Elsewhere, Ryanair plummeted 6.20% after Europe’s largest discount airline forecast said its net income will probably be in the range of EUR400 million to EUR440 million euros this year amid higher fuel costs.
The company still posted a 25% increase in net income to EUR502.6 million euros in the 12 months to March 31.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to rise of 0.75%, S&P 500 futures signaled a 0.85% gain, while the Nasdaq 100 futures indicated a 0.91% increase.
Markets were also eyeing a first meeting between German Finance Minister Wolfgang Schaeuble and his newly installed French counterpart, Pierre Moscovici, in Berlin later Monday, as European Union leaders were preparing for a summit in Brussels on May 23.