European stocks end week on high note
Source: Agencies |
August 13, 2011, Saturday
|
Print Edition
Print Edition
STOCKS in Europe ended sharply higher yesterday after positive retail sales data out of the Unites States helped ease concerns that the world's largest economy is heading back into recession, while a ban on short-selling in several eurozone countries lifted bank shares.
Wall Street rose in early trading, gearing up for the first two straight days of gains in more than a month.
Gains on both sides of the Atlantic followed one of the most volatile weeks in years, as investor sentiment oscillated wildly. At times, investors cheered anti-crisis measures, such as the European Central Bank's decision to support the bonds of Italy and Spain; at others their mood soured amid concerns over the state of the global economy and the exposure of banks to the debt of countries like Greece.
However, as the week progressed, the mood seemed to have calmed somewhat.
In Europe, London's FTSE 100 jumped 3 percent to 5,320, while Germany's DAX was 3.5 percent higher at 5,997.7. The CAC-40 in France gained 4 percent to 3,213.8, even after data showed the French economy did not grow in the second quarter.
In the US, the Dow Jones Industrial Average increased 1.6 percent to 11,318, while the broader Standard & Poor's 500 index was up 0.5 percent at 1,186.
Oil markets were mostly stable, with crude rising 16 US cents to US$85.83 per barrel.
The gains in Europe came after regulators in France, Italy, Spain and Belgium imposed temporary bans on short-selling of financial shares late on Thursday, following sharp selloffs and temporary gains in French bank shares in particular that were blamed on false rumors. Greece already banned short-selling on Monday.
The share prices of French banks jumped yesterday, with Societe Generale up 5.7 percent and Credit Agricole gaining 2.1 percent.
However, analysts questioned whether the short-selling ban would work since many experts claim a similar move in 2008 contributed to investor uncertainty.
Wall Street rose in early trading, gearing up for the first two straight days of gains in more than a month.
Gains on both sides of the Atlantic followed one of the most volatile weeks in years, as investor sentiment oscillated wildly. At times, investors cheered anti-crisis measures, such as the European Central Bank's decision to support the bonds of Italy and Spain; at others their mood soured amid concerns over the state of the global economy and the exposure of banks to the debt of countries like Greece.
However, as the week progressed, the mood seemed to have calmed somewhat.
In Europe, London's FTSE 100 jumped 3 percent to 5,320, while Germany's DAX was 3.5 percent higher at 5,997.7. The CAC-40 in France gained 4 percent to 3,213.8, even after data showed the French economy did not grow in the second quarter.
In the US, the Dow Jones Industrial Average increased 1.6 percent to 11,318, while the broader Standard & Poor's 500 index was up 0.5 percent at 1,186.
Oil markets were mostly stable, with crude rising 16 US cents to US$85.83 per barrel.
The gains in Europe came after regulators in France, Italy, Spain and Belgium imposed temporary bans on short-selling of financial shares late on Thursday, following sharp selloffs and temporary gains in French bank shares in particular that were blamed on false rumors. Greece already banned short-selling on Monday.
The share prices of French banks jumped yesterday, with Societe Generale up 5.7 percent and Credit Agricole gaining 2.1 percent.
However, analysts questioned whether the short-selling ban would work since many experts claim a similar move in 2008 contributed to investor uncertainty.
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