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European midday: Banks continue to rally
Mon, 01 Dec, 2008
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European midday: Banks continue to rally
Tue, 14 Oct 2008, 11:47:00
European markets rallied for a second-day as investors continued to cheer the bail-out packages from various governments in the region. <br /><br />The banking sector tries to recover some of the stellar losses from last week on the back of the news, with Societe Generale, UBS, BNP Paribas, and Deutsche Bank all up.<br /><br />Spain's biggest lender Banco Santander has 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 SA.<br /><br />The rise in crude prices is also giving oil and energy stocks such as Royal Dutch Shell, ENI and Total a lift.<br /><br />German wind turbine maker Nordex is 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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