Monday, August 27, 2012

European stock market august 27 2012

European stock market august 27 2012 : European stocks erased losses in light trade on Monday, as investors hoped for fresh action by world central banks, while concerns over the worsening of the debt crisis in the euro zone continued to weigh.

During European afternoon trade, the
EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.08%, while Germany’s DAX 30 edged up 0.16%.

Investors were awaiting a speech by Federal Reserve Chairman Ben Bernanke in Jackson Hole, Wyoming later in the week, for indications on whether the U.S. central bank will soon announce fresh easing measures.

Meanwhile, investors remained cautious as renewed concerns over the ongoing debt crisis in the euro zone sapped risk appetite.

Sentiment has been supported in recent weeks by growing expectations that the European Central Bank will implement policy measures to help stabilize the euro zone's sovereign debt markets at its next policy meeting in early September.

Financial stocks remained broadly higher, led by German lender Deutsche Bank, up 2.90%, and closely followed by France’s BNP Paribas and Societe Generale, whose shares jumped 1.99% and 1.75% respectively.

Italian lender Unicredit added 0.32%, even as the bank said that the U.S. has begun an investigation of its HVB unit over possible violation of economic sanctions.

The Financial Times reported on Sunday that the U.S. was probing UniCredit for possibly violating sanctions that outlaw business with Iran.

Elsewhere, Q-Cells surged 8.82%, after skyrocketing over 25% earlier in the session, as South Korea’s Hanwha Group signed a deal to acquire the German producer of solar cells.

Nokia also contributed to gains, with shares soaring 11.65% amid speculation the company may get a boost as Samsung’s products face a possible ban.

Last week, a U.S. court ruled the world’s biggest handset maker infringed six of seven patents. A ban may undermine Samsung’s grip on the smartphone market and set a precedent for rival handset makers that use Google’s Android operating system.

Also in company news, ThyssenKrupp climbed 2.16% amid reports Germany’s biggest steelmaker wants to sell plants in the U.S. and Brazil for at least their book value of EUR7 billion.

On the downside, French pharmaceutical group Sanofi saw shares drop 0.66%, after one of its companies, Genzyme, said it received a Refuse to File letter from the U.S. Food and Drug Administration for the approval of Lemtrada as a treatment for relapsing multiple sclerosis.

Markets in the U.K. remained closed for a bank holiday weekend.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.08% gain, S&P 500 futures signaled a 0.24% rise, while the Nasdaq 100 futures indicated a 0.54% increase.

Earlier Monday, data showed that German business sentiment declined for a fourth month in August, underlining concerns over the impact of the debt crisis on the region’s largest economy.

Investors were also anticipating a speech by senior European Central Bank policymaker Joerg Asmussen later in the day

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