Stock Prices Are Mixed As Rate-Cut Rally Stalls
May 05, 2011
Stocks managed a moderate advance in London, though they were off their session highs, while in Germany France, Italy and Belgium prices were flat amid worries that the latest round of European rate cuts may be the last for some time. Weakness in the local bond market after the Bank of Spain failed cut its benchmark interest rate damped interest in Spanish stocks. Meanwhile, profit-taking pressured the Swedish bourse. Prices eased on the Amsterdam Stock Exchange after telecommunications and postal giant KPN posted disappointing earnings, but strong demand for Telefonica de Espana boosted the Spanish stocks. In Zurich, sliding money market rates and the steady dollar lent support to the market. South African shares, which missed out on Thursday's global rally, surged on futures-led buying. In dollar terms, the European sector of the Dow Jones World Stock Index was up 0.98 to 146.88 at 1 p.m. EDT Friday, adding to Thursday's gain of 0.54. The world index as a whole down 0.06 to 140.23, after gaining 0.89 a day earlier. Precious-metal and mining stocks led the Dow Jones Global Industry Groups, while toy and steel issues were among the laggards. European Stock Market Indexes Market Belgium
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