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European close: Markets close up but gains trimmed
Mon, 01 Dec, 2008
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European close: Markets close up but gains trimmed
Tue, 14 Oct 2008, 16:34:00
European stocks ended higher but narrowed some of their earlier stellar gains as Wall Street started mixed, slightly knocking investors' confidence. <br /><br />Markets in the US were uncertain despite President Bush announcing plans to spend up to $250bn buying stakes in nine of biggest banks in the US to restore faith in the banking system.<br /><br />In Europe, the German DAX halved its earlier gains, though still finished up 136 points to 5199 with the French CAC rising 97 points to 3628.<br /><br />The banking sector in Europe still ended higher. Societe Generale, UBS and Deutsche Bank all posted big gains.<br /><br />Spain's biggest lender Banco Santander offered $1.9bn to buy the remaining stake in US-based savings and loan firm Sovereign Bancorp.<br /><br />Meanwhile, Belgian firm Fortis will receive €14.4bn from the sale of assets to the Belgian and Dutch governments and BNP Paribas.<br /><br />The rise in crude prices also gave oil and energy stocks such as Royal Dutch Shell, ENI and Total a lift.<br /><br />German wind turbine maker Nordex was up following an upgrade from UBS to 'neutral' from 'sell', while hotel owner Accor rose after it was raised to 'overweight' from 'equal- weight' at Morgan Stanley.<br /><br />On the economic front, German investor confidence dropped for the first time in three months in October. The ZEW Center for European Economic Research said its index of investor and analyst expectations fell to minus 63 from minus 41.1 in September.
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