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European stocks push broadly higher after mixed data; Dax up 0.60%

Published 01/07/2014, 07:15 AM
European stocks rise broadly after data
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Investing.com - European stocks pushed broadly higher on Tuesday, after the release of mixed economic reports from the euro zone added to expectations for additional stimulus measures by the European Central Bank.

During European afternoon trade, the EURO STOXX 50 advanced 0.86%, France’s CAC 40 gained 0.39%, while Germany’s DAX 30 climbed 0.60%.

Eurostat said consumer price inflation increased by a seasonally adjusted 0.8% last month in the euro zone, down from 0.9% in November.
Economists had expected an unchanged reading. The rate stands below the European Central Bank's target of near but just below 2%.

The report came after data showed that the number of people out of work in Germany fell by 15,000 in December to 2.96 million, better than expectations for a decline of 1,000. The country’s unemployment rate remained steady at 6.9%.

A separate report showed that German retail sales rose 1.5% in November, more than double expectations for an increase of 0.6%.

Financial stocks extended earlier gains, as French lenders BNP Paribas and Societe Generale surged 2.15% and 2.35%, while Germany's Deutsche Bank rallied 2.15%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA soared 2.42% and 3.78% respectively, while Italy's Unicredit and Intesa Sanpaolo gained 2.09% and 3.25%.

Elsewhere, AP Moller-Maersk climbed 0.50% after the owner of the world’s largest container-shipping company said it plans to sell a stake in its supermarket business and book a gain of USD2.56 billion.

On the downside, Swedish Match plunged 5.24% after Citigroup advised investors to sell the shares.

In London, FTSE 100 rose 0.44%, as U.K. lenders tracked their European counterparts higher.

Shares in Barclays gained 0.87% and the Royal Bank of Scotland jumped 1.37%, while HSBC Holdings and Lloyds Banking rallied 1.54% and 2.45% respectively.

Legal & General, up 3.42%, continued to lead gains on the index, still supported by recent news the insurance company, which has already invested around GBP1 billion in student accommodation, is planning to build retirement homes.

Meanwhile, mining stocks were mixed, as BHP Billiton rose 0.27% and Glencore Xstrata climbed 0.98%, while Vedanta Resources and Rio Tinto retreated 0.53% and 0.83%.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.38% rise, S&P 500 futures signaled a 0.38% gain, while the Nasdaq 100 futures indicated a 0.44% increase.

Later in the day, the U.S. was to publish a report on the trade balance.


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