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Europe: Shares gain midday

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Date: Monday 12 May 2008

LONDON (ShareCast) - Europe’s leading exchanges gained midday, with financials on the rise after a strong performance in Asia helped HSBC report first-quarter profits ahead of last year’s.

However, the multi-national banking group said the outlook for the rest of the year remains unusually difficult to foresee in the current environment, adding that it seems “increasingly likely” that the US will fall into recession this year.

The German Dax rose 37 points to 7,040, the French CAC is up 33 points to 4,994, while the Swiss market fell 102 points to 7,483.

Shares in luxury goods group Hermes rallied on rumoured stakebuilding in the French company.

Telecom Italia led the telecom's sector higher after Deutsche Bank upgraded the phone group to 'buy' from 'hold'.

Lundin Petroleum advanced after the Swedish oil explorer reported a 49% jump in first quarter pre-tax profits.

Shares in French peer Total rose as crude prices remained above $125 a barrel.

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