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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. <br /><br /><b>Peugeot</b> rallied after first-half profit rose 49% to €733m. The carmaker also reiterated its sales and operating margin targets for the full year.<br /><br />Italy's <b>Fiat</b> saw quarterly net income advance to a slightly better than expected €604m from €593m last year.<br /><br />Meanwhile, second-quarter profit at <b>Volkswagen</b> rose 31% to €2.57bn, with revenue up 3% to €56.5bn. Operating profit increased 22% to €3.43bn.<br /><br />Banks were also doing well, with <b>UBS</b>, <b>Societe Generale</b>, <b>Deutsche Bank</b> and <b>BNP Paribas</b> among the biggest risers in the sector.<br /><br />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. <br /><br />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.<br /><br />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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