Sun, Apr 24, 2005 - Page 10 News List

European markets rally on corporate earnings


European stock markets rallied on Friday on some positive corporate earnings news, while energy issues found support in higher oil prices, dealers said.

The London FTSE 100 index rose by 0.62 percent to 4,849.3 points, the Frankfurt DAX 30 climbed 0.70 percent to 4,223.04 points and in Paris the CAC 40 added 0.74 percent to 3,980.18.

The DJ Euro STOXX 50 index of leading eurozone shares advanced 0.88 percent to 2,976.39 points.

As European markets closed, the Dow Jones Industrial Average had slipped 0.30 percent in New York and the tech-heavy NASDAQ was off 1.01 percent.

European shares were also lifted by the powerful overnight US rally, as a stronger-than-expected regional manufacturing and strong corporate earnings eased fears of a US economic slowdown.

Providing catalyst for US stocks on Thursday was a report from the Federal Reserve Bank of Philadelphia which said that growth had accelerated in the manufacturing sector in the region in April. Its index rose to 25.3 points in April from 11.4 in March.

In European trading on Friday, technology stocks performed well amid positive after-hours first-quarter profits from US Internet search giant Google.

In Amsterdam, the AEX index added 0.17 percent to 356.18, the Swiss SMI was up 0.17 percent at 5,912.85.

In Milan the SP/MIB gained 0.53 percent to 31,325, in Madrid the IBEX-35 rose 0.86 percent to 9,096.4 and in Brussels the BEL-20 closed 0.59 percent higher at 3,086.73.

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