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Market Update : 
Europe Gains on Strong Retailers
Author: Elena Todorova
123jump.com
Last Update: 1:04 PM EST February 02 2007

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European stocks ended Friday session on a positive note after a rally in the retail managed to offset sharp declines from some car and telecom equipment makers. J Sainsbury shares climbed 14% on a possible takeover bid of about $18 billion. Of other supermarket groups, Carrefour rose 3.5%, Casino rose 1.7%, and William Morrison climbed 5.9%. The U.K. FTSE 100 index closed 0.5% higher The German DAX 30 rose 0.5% and the French CAC-40 advanced 0.3%.

 
Oil and gold

Oil prices recovered Friday on continued cold weather in the United States. Crude oil for March delivery rose 18 cents to $57.48 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude for March delivery gained 29 cents to $57.01 a barrel on the ICE Futures exchange in London. Gold opened Friday at a bid price of $656.64 a troy ounce, down from $658.29 late Thursday.

Currencies

The euro was little changed against the U.S. dollar Friday, declining slightly despite signs that the U.S. manufacturing sector was tightening. The euro bought $1.3018 in morning European trading, down from $1.3021 in New York late Thursday. The British pound shed $1.9672 from $1.9677, while the dollar rose to 120.88 Japanese yen from 120.66 yen.
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