European Markets Close Recap: FTSE: +1.9%, DAX: +11.3%, CAC: +1.6%
In Europe, mkts rose, snapping a five-day losing streak, as Volkswagen shot higher on short-covering, but losses in bank stocks took the edge off the market's early stellar gains...
In the UK, the FTSE rose 1.9%, as BP (BP) led heavyweight energy stocks higher after forecast-beating results and Vodafone (VOD) gained on a positive broker note. BP soared 5.4% after beating all forecasts and reporting a 148% rise in third-quarter replacement cost profits compared with the same period in 2007, to a record $10.0 billion thanks to higher oil prices. Banks trimmed earlier gains, after French bank Societe Generale slid 12.3% on market talk of exposure to a short squeeze situation in German auto group Volkswagen. HSBC (HBC) put on 2.3% and HBOS rose 12.5%. Vodafone soared 5.8% after JPMorgan said in a note that its analysis showed valuations were well supportive of its "overweight" stance in the mobile phone giant...
In Germany, the DAX jumped 11.3%, as Volkswagen extended yesterday's record gain, overshadowing concern a deteriorating economic environment will curb profits. Volkswagen, which became the world's biggest company by market value after Porsche announced plans to raise its stake in the carmaker, rallied as much as 93%...
In France, the CAC rose 1.6%. Societe Generale tumbled 13% despite the co standing by its third-quarter profit forecast. In economic news, French consumer confidence dropped in October to match a record low on concern that the global economic slowdown will prompt companies from banks to carmakers to continue firing workers. A gauge of consumer sentiment fell to minus 47 from minus 44 in September. The reading matched the revised number for July, which was a record low. (Sources: Bloomberg, Reuters, DJ)
Posted:
10/28/2008 3:05:22 PM by
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