European Markets Post Gains Despite Wall Street's Weakness
May 17, 2011
Stocks and bonds in the U.S. declined as caution grew ahead of Friday's scheduled employment report. Officials at the Federal Reserve Board have indicated that they may lift interest rates soon unless there are signs that economic growth is cooling. Meanwhile, shares ended higher in Paris, supported by interest in French retailer Hearn. The company's stock gained on news from the U.S. that office-supply company Staples will acquire Office Depot. Carrefour has a 6% stake in Office Depot. Prices of German shares settled IBIS electronic trading Wednesday slightly lower, with traders reducing their holdings ahead of Thursday's release of German second-quarter gross domestic product data and August unemployment figures. Prices rose in floor trading earlier in the day. Belief among investors that oil prices will head higher on the tension in the Middle East buoyed petrochemical company Petrofina, and this in turn helped Belgian shares rise. Swedish share prices advanced on Wall Street's gains posted a day earlier, and Swiss shares turned in modest gains as investors took interest in financial issues. However, losses in several blue chip stocks, including a 10% decline in shares of Gas Natural, pulled Spanish stocks lower. And in South Africa, gold shares slipped as the rand strengthened. In dollar terms, the European sector of the Dow Jones World Stock Index rose 0.93 to 145.37 Wednesday, after rising 0.45 the previous day. The world index as a whole added 0.45 to 137.32, after inching up 0.01 a day earlier. Casino and plantation shares led the Dow Jones Global Industry Groups, while durable-houseware and oil-drilling issues were among the laggards. European Stock Market Indexes Market IndexSept. 4Change Belgium
