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European close: Bourses extend gains
Sun, 07 Sep, 2008
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European close: Bourses extend gains
Wed, 23 Jul 2008, 16:52:00
Europe's leading exchanges closed with stellar gains, helped by a strong financial sector and better than expected quarterly results from a number of carmakers.
Peugeot
rallied after first-half profit rose 49% to €733m. The carmaker also reiterated its sales and operating margin targets for the full year.
Italy's
Fiat
saw quarterly net income advance to a slightly better than expected €604m from €593m last year.
Meanwhile, second-quarter profit at
Volkswagen
rose 31% to €2.57bn, with revenue up 3% to €56.5bn. Operating profit increased 22% to €3.43bn.
Banks were also doing well, with
UBS
,
Societe Generale
,
Deutsche Bank
and
BNP Paribas
among the biggest risers in the sector.
Oil continued to fall as concerns over the impact of Hurricane Dolly eased. The storm is not expected to have a large impact on oil and natural gas production in the Gulf of Mexico, where around one quarter of US crude oil is produced.
The German Dax closed up 93 points at 6,563, the French CAC gained 81 points to 4,408, while the Swiss market rose 135 points to 7,058.
In economic news, euro zone new industrial orders fell 3.5% in May compared to the previous month and 4.4% year-on-year, according to EU statistics office Eurostat.
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