European stock markets CAC 40 jumped october 27 2011

European stock markets CAC 40 jumped october 27 2011 : European stock markets extended gains on Thursday, as investor confidence was boosted after European leaders and banks struck a deal to take a ‘voluntary’ 50% loss on the face value of their Greek debt. During European morning trade, the EURO STOXX 50 surged 5.46%, France’s CAC 40 jumped 5.54%, while Germany’s DAX 30 soared 4.8%.

The agreement on Greek debt was critical to assembling a package of measures to contain the debt crisis in the euro zone. The writedown will reduce Greece’s debt burden from 160% of GDP to a more sustainable 120% by 2020.

Leaders also agreed to expand the firepower of the euro zone's bailout fund, the European Financial Stability Facility, but the final details on how to enlarge the fund were not expected to be agreed until November.

The financial sector continued to post strong gains, with France's Credit Agricole skyrocketing 23.14%, BNP Paribas surging 19.31% and Societe General soaring 19.24%, while German lenders Deutsche Bank and Commerzbank jumped 15.97% and 14.48%.

Peripheral lenders also extended gains, as Italian bank Unicredit soared 9.20% and Intesa Sanpaolo climbed 9.45%, while Spain's BBVA and Banco Santander advanced 8.38% and 6.58% respectively.

Meanwhile, BASF, the world's largest chemical company saw shares shoot up 6.48% after reporting a higher-than-expected third-quarter profit, while Europe's biggest oil company, Shell climbed 1.59% after saying its third-quarter earnings doubled as it ramped up projects from Qatar to Canada.

For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

European Stocks market

• Stoxx Europe 600 index Forecast 2013
• European Stock Market Forecast 2013
• European stock market and Italian bonds down dec 11 2012
• Europe stock markets advanced october 17 2012
• European stock market will open down october 12 2012
• Mario Draghi ECB Press Conference october 4 2012
• European stock markets higher october 2 2012
• european stock futures down october 1 2012
• European stock market rose september 28 2012
• impact protests in Greece and Spanish on stock market
• Effect Spanish recession on stock market
• European stock market drop 9-26-2012
• European Stock markets september 21 2012
• European stock markets 9/18/2012
• European stock markets lower september 17 2012
• European stock futures down 9/10/2012
• German constitutional court decision prediction
• Euro govt Bonds fall before ECB meeting 9/6/2012
• European stock markets sept 6 2012
• European Stock markets ‎rose september 3 2012
• Eurozone Purchasing Managers PMI report 3 september 2012
• ECB President Mario Draghi will speech at Brussels sept 3 2012
• Europe economic forecast September 2012
• European stocks market august 31 2012
• Expectations ECB will bond buying plan