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European Markets Summary

London Stocks End Higher, Bargains Picked Up

FTSE 100 ends 0.7% higher at 5304.48, as investors take the opportunity to pick up some recently-battered stocks. Man Group is among the biggest risers, up 4.7% after saying it will acquire Financial Risk Management Holdings. “Stock markets have finally found enough momentum to sustain a bounce following some very turbulent weeks that have seen large losses for equity investors,” says Capital Spreads. “It has been a long time coming, and many would say the bounce is overdue. However, there are still major worries surrounding the euro-zone crisis which look set to dominate the headlines for the foreseeable future,” it adds. Tuesday, UK public finances and CPI are both due at 0830 GMT, with US existing home sales and Richmond Fed manufacturing at 1400 GMT.

Frankfurt Stocks End Firmly Higher

DAX closes 1% higher at 6331.04, boosted by gains on Wall Street and short-covering late in the Frankfurt session, traders say. Chinese Premier Wen’s pro-growth comments over the weekend, which raised hopes of further monetary easing, push auto and industry stocks higher. MAN closes up 2.8% and ThyssenKrupp ends 2.6% higher. Merck KGaA finishes the session 2.8% ahead after an upgrade from UBS.

Paris Stocks End Slightly Higher

CAC-40 closes 0.6% higher at 3027.15, following the weekend’s G-8 summit which “seemed to put the focus somewhat more on growth than austerity” and amid hopes for fiscal or monetary stimulus in China, says a Paris trader. “Stocks have fallen significantly recently, leaving room for bargain hunting,” he adds. Renault leads the benchmark index, up 4.7% after a positive research note from UBS. Tuesday’s data releases include the OECD’s economic outlook report on France at 0800 GMT.

Amsterdam Stocks End Slightly Higher

AEX ends 0.6% higher at 290.54, booking its first closing gain since May 11 after five straight loss-making sessions last week. ArcelorMittal closes 2.7% ahead, Philips rises 2.4%, Aegon adds 1.5%. Fugro, the day’s top gainer, ends 4.1% higher after posting its 1Q trading update. Tuesday, the macroeconomic agenda contains Dutch consumer confidence data at 0730 GMT

Zurich Stocks Close Slightly Higher

SMI ends 0.3% higher at 5814.59, in line with most European markets. Luxury goods companies Richemont, +2.9%, and Swatch, +2.4%, get a boost from comments over the weekend by Premier Wen that China will focus more on economic growth. Strong sales in Asia, and China in particular, have so far offset much of the negative impact on revenue from a stubbornly high Swiss franc. ABB ends +1.2%, reining in some of its recent losses and helped by winning a big order to strenghten India’s power grid. Later in the week, focus will shift to an informal meeting of EU leaders Wednesday, amid persisting worries about Greece and Spain.

Nordic Stocks End Session Higher

Nordic equities close higher, rebounding from deep losses last week as investors pick up battered stocks. OMXN40 ends +2.1% at 904.53, OBX +1.8% at 364.95. In individual names, Aker Solutions ends 3.0 higher after presenting a $350M deal to buy Dubai-based NPS Energy. Yara, announcing the exit of two executives after a corruption probe, finishes 4.3% higher. Tuesday, eyes will be on US existing home sales and EU consumer confidence, both due at 1400 GMT. Attention also on Norway GDP at 0800 GMT.

Milan Stocks Close Slightly Lower

FTSE Mib ends 0.3% lower at 13,012 after dividend payouts. Bank share prices rise, with Banco Popolare +18.9% and UBI Banca +9.1% after Italy’s central bank allows the use of internal risk-models on loan portfolios. Fiat closes +8.6% after announcing it is mulling the sale of Jeeps and other brands in India. Energy shares sag, with Snam down 1.4%, Terna off 0.8% and Eni and Enel both slightly in the red. Trading is expected to be light ahead of the informal meeting of EU leaders Wednesday, when the euro crisis will be high on the agenda.

Madrid Stocks End Lower, Banks Drag Again

IBEX-35 ends 0.7% lower at 6524, pulled down by fresh losses in local banking heavyweights. “We expect volatility to remain high until Greece’s situation is sorted out,” says Renta4 in a note to investors. The local brokerage sees support at 5725 after the IBEX-35 punctured through the key 7500 mark during the recent selloff. Santander drops 1.4% Monday, with BBVA shedding 1.2%, both leading the most actively traded stocks this session. Bankia shares gain 0.4% on bargain-hunting after taking a beating last week. Ahead, local investors will monitor Spain’s financial sector reform plans, with a focus on Bankia’s overhaul strategy.

Athens Stocks End Down Amid Usual Uncertainties

ASE ends 1% lower at 544.56, amid continued uncertainty surrounding Greece’s upcoming general election and, beyond that, the country’s continued memebrship of the euro zone. The head of the leftist Syriza party has said Monday that the memorandum with international lenders leads Greece to disaster. Danske Bank says, “While waiting for the Greek election on June 17, we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.” Tuesday’s macro agenda includes the release of euro-zone consumer confidence data for May, but eyes will chiefly be looking ahead to Wednesday’s EU Summit for direction.

Prague Stocks Close Slightly Higher

PX ends 0.5% higher at 873.2, as sentiment turns mildly optimistic and lifts most stocks after three weeks of downward momentum. CEZ rises 2.3% in a correction after underperforming the broader Prague market so far this month. Erste climbs 0.8%, Czech Telefonica gains 0.2%. The brightening mood fails to help miner NWR, which ends down 2.8% as investors sell the stock on falling coal prices, a trader says. Komercni Banka ends down 0.1%, with Unipetrol up by the same fraction.

 

StockMarketNews Research Team 

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