News Details
03/09/2010 12:00 - European stocks climb before US monthly payroll report

On Friday European stocks rose, with the Stoxx Europe 600 Index heading for its biggest weekly gain since July, as investors awaited the monthly U.S. payrolls report. Asian shares rose while U.S. index futures fluctuated.

 

Yell Group Plc advanced for a third straight day, climbing 6.2 percent. Neopost SA, the French mailroom equipment maker, gained 3.4 percent as revenue increased. Theolia SA plunged 9.4 percent after the French wind-power company reported a wider first-half loss.

 

European shares edged higher in early trade after gains in the United States and Japan but with traders cautious ahead of a key U.S. labour market report.

 

The FTSEurofirst 300 index of top European shares was up, on course for a rise of more than 3 percent this week.

 

Energy companies were higher after crude prices closed above $75 in New York on Thursday, boosted by an oil platform fire in the Gulf of Mexico and Hurricane Earl's possible impact on East Coast refineries.

 

Total, Royal Dutch Shell and Statoil rose between 0.7 and 1 percent. BP was up 0.3 percent. It said the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was a fortnight away from sealing the well for good.

 

In a broad market rise, the heavyweight banking sector was among the gainers. Barclays, Credit Agricole and Credit Suisse rose between 0.6 and 0.9 percent.

 

Japanese stocks rose for a third day, driving benchmark indexes to their first weekly gain in a month, after U.S. reports showed an unexpected increase in pending home sales and improved retail sales.   The Nikkei 225 Stock Average rose 0.6 percent after moving between a gain of 0.9 percent and a drop of 0.1 percent. The broader Topix index climbed 0.5 percent.

 

 

 

This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management, TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000.  Freephone: 80072344. email: infovfm@bov.com Internet address: www.vfm.com.mt. Valletta Fund Management Limited is licensed by the MFSA.