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Banking Shares Help Europe |
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2:35 PM EST December 08 2006 |
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European stocks closed modestly higher Friday, as gains in the banking sector managed to offset weakness among mining stocks. European markets were particularly volatile in afternoon trading as traders digested better-than-expected U.S. jobs data. Barclays climbed 3.3% in London on speculations Bank of America is interested in making a bid for $117.6 billion, offering a premium of 25% to 30%.Other U.K. banking stocks, including Lloyds TSB and Royal Bank of Scotland, also advanced. Other European banking stocks were broadly lower, with Societe Generale, down 0.2% and BNP Paribas down 0.7% in Paris after Citigroup downgraded the European banking sector to neutral from overweight. Weakness in metals shares limited gains. Shares in BHP Billiton lost 2.8%, shares of Rio Tinto dropped 1.9% and shares of AntoFagasta closed down 4.2% after Merrill Lynch downgraded the mining sector to neutral, citing concerns over a slowing global economy next year and manipulation of metal prices by hedge funds and other investors. The U.K. FTSE 100 rose 0.3%, followed by the German DAX 30, up 0.2%, and the French CAC 40, up 0.1%.
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