Print

Mail

wiki links

EUROPE: EU stocks gain for second week, led by technology firms

European stocks rose for a second week, led by technology companies and drugmakers, after Ericsson AB and Bayer AG reported better-than-estimated earnings and UCB SA won US approval for a new Crohn’s disease medicine.

UK pub companies and homebuilders limited gains as Punch Taverns Plc reported a drop in profit and Persimmon Plc postponed work on new sites. ProSiebenSat.1 Media AG led a retreat by media shares after the German broadcaster posted lower earnings.

The Dow Jones STOXX 600 Index added 0.3 percent to 321.70, extending last week’s 3.2 percent advance. The measure has fallen 12 percent this year on concern more than US$290 billion in losses related to the collapse of the US subprime-mortgage market will drag down global economic growth.

Analysts predict profit at companies in the STOXX 600 may decline 0.02 percent this year, according to estimates compiled by Bloomberg.

National benchmarks gained in 12 of 18 western European markets last week. Germany’s DAX Index added 0.8 percent, while France’s CAC 40 rose 0.3 percent. The UK’s FTSE 100 climbed 0.6 percent. The STOXX 50 advanced 0.4 percent, while the Euro STOXX 50, a measure for the euro region, declined 0.4 percent.
This story has been viewed 592 times.