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Auto Stocks Send Europe Higher |
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1:31 PM EDT October 25 2006 |
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European stock markets finished the Wednesday session higher, with the three major indexes flirting with five-year highs. The positive sentiment was generated by earnings-inspired news from auto maker DaimlerChrysler and tire maker Michelin, which helped offset nervousness around the Fed Reserve’s decision on interest rates. The German DAX 30 advanced 0.28%, boosted by the automotive sector. DaimlerChrysler rallied 4.2% after the carmaker reported a smaller decline in operating profit than expected. Volkswagen and BMW also posted gains. The French CAC 40 added 0.33%, lifted by tire maker Michelin and luxury goods companies LVMH. However, gains for the index were limited by 1% decline for STMicroelectronics due to disappointing sales. London FTSE 100 advanced 0.52%, lifted by Kingfisher and Sainsbury, rising 1.6% and 0.7% respectively.
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