European Shares Turn Higher But Gains Capped by Syria


European stocks turned higher late in the session, although signs US President Barack Obama stepped closer to a military strike on Syria kept a lid on the market.

More congressional leaders, including House Speaker John Boehner, said they support the call for an intervention.

In economic news, Markit's purchasing managers index climbed to 50.7 in August from 49.8 in July. The median economist estimate in a Bloomberg survey had predicted a final reading of 51.

A Eurostat report confirmed that Q2 GDP in the euro area grew 0.3% from Q1. That matched the median estimate of economists surveyed by Bloomberg News

Italian shares, however, weakened after Italian media reports said former Prime Minister Silvio Berlusconi was threatening to withdraw support for the governing coalition, according to Reuters. The uncertainty comes ahead of a possible vote on whether to evict Berlusconi from the Senate after a tax fraud conviction.

In the United States, the trade deficit jumped 13.3% to $39.1 billion in July, one month after it fell to the lowest level in almost four years, the Commerce Department said. Economists polled by MarketWatch had projected the deficit would snap back to $39.0 billion in July on a seasonally adjusted basis.

In ADR news, Ryanair Holdings PLC ( RYAAY ) warned full-year profit will be at the lower end of its target range of 570 million euros ($750 million) to 600 million euros. It also cut its full-year traffic target from over 81.5 million to under 81 million.

Delhaize Group ( DEG ) said Frans Muller will take over as chief executive officer on Nov. 8, and Roland Smith has resigned as the CEO of Delhaize America.

Vodafone ( VOD ) firmed after Moody's confirmed VOD's A3 ratings with a stable outlook following the sale of its 45% stake in Verizon Wireless ( VZ ).

The FTSE-100 was last up 0.1% at 6,474.74, the DAX up 0.19% at 8,195.92 and the CAC-40 up 0.16% at 3,980.42.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: DEG , RYAAY , VOD , VZ

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