Markets

European Stocks Modestly Firmer Tracking Positive U.S. Economic Data - Pharma, Energy Lead Gainers

European stocks continue modest gains in holiday-thinned mid-day trading, buoyed by energy and drug stocks such as BP PLC and Roche Holdings, respectively.

The pan-nation Stoxx Europe 600 index rose 1.84% to 241.62, after closing up 1% in yesterday's session.

Stocks in Asia rose and U.S. stocks are also higher.

Investor sentiment is brightened by a slew of positive U.S. economic data releases: November durable-goods orders rose 3.8%, the highest since July; new U.S. home sales in November rose 315,000 led by growth in the South and Midwest; personal income and consumer spending rose 0.1% in November, though disposable personal income remained flat. These results, as well as Thursday's reports that showed a continuing downward trend for jobless claims and a rise in consumer sentiment, indicate modest support for recovery.

Europe's debt situation continues to share the spotlight. On Thursday, Italy's Senate gave final approval to a $40 billion emergency austerity and growth package after a lengthy debate, according to media reports. Prime Minister Mario Monti had called for a confidence vote on the measures.

The FTSE Italy MIB index rose 0.31% to 15,073.99.

The U.K. FTSE 100 index rose 1.02% to 5,512.70. The French CAC-40 rose 0.99% to 3,102.09. The German DAX 30 is up 0.46% at 5,879.

Gains for Swiss firm Roche are lifting pharma shares overall. Roche, up 0.69%, said its ovarian-cancer drug, Avastin, won European Union clearance for treatment of women with a newly diagnosed advanced case of the disease.

Energy-related stocks rose, with BP up 2.09% in London and Total SA up 2.13% in Paris.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities