|
|
|
|
|
| |
Europe Rallies Supported By Oil And FInancials |
|
| |
6:41 AM EDT June 29 2006 |
|
|
| |
European markets traded higher by mid-morning. The U.K. FTSE 100 index increased 0.7% at 5,719, the German DAX Xetra 30 index gained 0.8% at 5,501 and the French CAC-40 index advanced 0.8% at 4,812. On the corporate front, energy and financial stocks led the gainers, with oil companies benefiting from stable crude prices near recent highs of $72 a barrel. Norway’s Statoil gained 2.6%, while Repsol of Spain added 1.1% and Finnish refiner Neste Oil climbed 2.9%. Britain’s BP advanced 1.5% despite facing pressure from the US futures trading regulator, which lodged a complaint to a district court in Illinois alleging propane price manipulation. Financial sector advances came in spite of increasing expectations that the European Central Bank will continue hiking eurozone interest rates, cooling credit demand. But as markets advanced, so too did French insurer Axa by 2.1%, Zurich Financial by 1.8% and Dutch life insurer Aegon by 2.5%. |
|
|
| |
|
|
|
