Europe open: German stocks rise on export data

A.B. | ShareCast | 24 Feb, 2012 08:10 - Updated: 09:57 | | |

German Flag
-Germany will ask for Greek reforms before second aid package-Handelsblatt -Greece will add remnant of first package to second-Sueddeutsche Zeitung . -G20 will press Europe to do more in exchange for foreign help. -Germany´s ruling parties want to block any increase in rescue fund. -Traders looking out to LTRO, some say.

-Germany will ask for Greek reforms before second aid package-Handelsblatt

-Greece will add remnant of first package to second-Sueddeutsche Zeitung.

-G20 will press Europe to do more in exchange for foreign help.

-Germany´s ruling parties want to block any increase in rescue fund.

-Traders looking out to LTRO, some say.

FTSE-100: 0.09%

Dax-30: 0.85%

Euro Stoxx 50: 0.40%

Cac-40: 0.45%

Ibex 35: -0.24%

European stocks have begun the day higher for the most part, although they did show some hesitancy just after the opening bell. According to some commentators traders are looking out, and positively so, to next week´s long-term liquidity auction (LTRO) from the European Central Bank. However, the Greek crisis, which acts as a bit of a proxy for the rest of the periphery, is still out there.

Thus, many in the markets are watching the news-flow as regards whether or not the European fire-wall against the crisis will be built up or not. Significantly, if confirmed, The Telegraph reports that Germany´s ruling parties want to push legislation expressly prohibiting any such increase. That may, in turn, risk any possible contributions from outside the Eurozone.

All of the above ahead of this weekend´s meeting of G-20 leaders.

Acting as a backdrop, once again, we have the rise in energy quotes, which is drawing quite a bit of attention.

EQUITIES

French construction group Eiffage has forecast stronger earnings for this year, ending its shares sharply higher.

Telecom Italia has cut its dividend by 25%, joining several of its peers. SAP on the other hand has announced an 83% increase in its pay-out.

German carmaker Volkswagen has more than doubled its profit after tax in 2011 to €16bn, according to Reuters.

Telefónica has revealed an almost 50% drop in annual net profits this morning.

Barclays Capital has downgraded European banks to underperform from neutral.

MACROECONOMY

Germany´s gross domestic product grew at a 0.2% quarter-on-quarter rate in the last three months of 2011, in line with preliminary estimates, although exports fell less than previously thought.

OTHER MARKETS

Front month Brent futures are up 0.29% to $123.98/barrel in ICE trading.

The Euro/dollar is up by 0.04% now, to 1.3379 dollars.

AB

More news

17:57 Cameron to recall parliament in case of 'yes' vote

David Cameron will recall the parliament on Monday for an emergency session if Scotland votes for independence in Thursday’s referendum.

17:47 Dixons Carphone saves 800 Phones4U jobs

Dixons Carphone on Wednesday said it has offered collapsed Phones4U employees 800 jobs at its Currys/PC World stores.

17:45 48 killed by Syrian government air strikes, according to activists

48 people have been killed following government air strikes that bombarded the opposition-held town of Talbiseh, according to a monitoring group on Wednesday.

17:41 Thursday preview: Scots vote on independence from the UK

Scotland’s referendum on independence from the UK will take centre stage on Thursday.

17:38 London close: Stocks end slightly off ahead of Fed

An injection of liquidity into Chinese banks failed to lift UK stocks on Wednesday, as investors treaded cautiously before a policy decision from the Federal Reserve.

17:31 Hydrogen CEO shows confidence in restructuring

The day after recruiter Hydrogen Group published interim results, chief executive Tim Smeaton dipped into the market to top up his holding with 35,000 ordinary shares at a price of 88p.

17:23 Europe close: Stocks mostly higher ahead of Fed policy decision

Eurozone stocks were mostly higher as investors weighed a batch of economic data and showed optimism ahead of the Federal Reserve’s latest policy decision.

16:32 Sector movers: Tech stocks sparked by Imagination

Technology stocks were on the rise on Wednesday as a well-received update from chipmaker Imagination Technologies gave the sector a boost.

16:11 Islamic State releases video threatening US troops

Islamic State, also known under the acronyms ISIS and ISIL, have released a short video in response to President Obama’s declaration that he would “degrade and ultimately destroy” the militant Islamic group.

16:03 Chemring optimistic of military action as contracts hover

Uncertainty over contract timing and a challenging environment cast a slight shadow over otherwise upbeat third-quarter results from military technology specialist Chemring, as the sector rejoices in anticipation of escalating geopolitical tensions.

Advertising

HIGHLIGHTS

'Yes' campaign gathers momentum in Scotland ahead of referendum

Uncertainty continues to surround the outcome of the Scottish independence referendum, as the ‘yes’ campaign looks to be gathering momentum.

VIDEOS

The first resistance level now changes from 1.3220 to 1.3160
REGISTER NOW!