|
|
  |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
European markets end higher
LONDON, England (CNN) -- European markets closed higher on Tuesday as mobile phone giant Vodafone posted strong gains, raising optimism that earnings are on the path to recovery. London's FTSE 100 was up 2 percent to 4,085 and the CAC 40 blue chip index in Paris rose 0.4 percent to 3,064.7, while Frankfurt's electronically traded Xetra Dax gained 1.5 percent to 3,088.09 in late trading (the German markets were set to close at 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 1.3 percent, led by the telecoms, information technology and computer service sub-sectors. Despite investors being impressed by an onslaught of corporate results on Tuesday and the prospects for more positive numbers later this week, the mood was cautious amid mounting concerns about Iraq. The country's parliament rejected a U.N. resolution that threatens possible military action if Baghdad does not disarm, leaving the final decision on whether to accept it to President Saddam Hussein.(Full story) Nomura global strategist Anais Faraj told Reuters: "Overall everyone is in wait-and-see mode at the moment. "In the best-case scenario, the market is going to move sideways and until we get a decision by Friday from the Iraqis, we'll have a very nervous tone overall." Vodafone (VOD), Europe's largest mobile phone operator, surged 13 percent to 111 pence in London after it said losses narrowed in the first half of this year and revenues should improve in the next six months as it continues to cut costs. (Full story) Deutsche Telekom (FDTE), which reports its results on Thursday, rose 6.5 percent to 11.42 euros while France Telecom [PFTE] added 7 percent to 12.03 euros, while its mobile unit Orange [PORA] gained 6 percent to 6.18 euros. In the tech sector, France's STMicroelectronics, Europe's biggest chipmaker, rose 7 percent to 20.43 euros and Alcatel, the French telecoms equipment maker, gained 8.3 percent to 4.9 euros. Markets also got a lift from Bayer (FBAY), which rose 6.6 percent to 20.9 euros after it posted slightly worse than expected third-quarter results but said it would no longer insist on holding a majority in any partnership involving its pharmaceuticals units. The move was seen as positive because it could result in a deal with a larger rival. (Full story) The AEX index in Amsterdam was up 0.6 percent and the SMI in Zurich gained 1.3 percent, while Milan's MIB30 index rose 1.7 percent. In the U.S. on Tuesday, stocks were caught in an apparent tug-of-war on Tuesday morning as strength in technology issues battled investor anxiety over the latest developments in Iraq. The Nasdaq composite was up 18.84 points to 1338.03, while the Dow Jones industrial average rose 51.19 points to 8410.14 and the Standard & Poor's 500 index gained 5.52 points to 881.71.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
