Markets & Finance

Europe Markets End Higher


European stock markets ended higher on Monday. London's Financial Times-Stock Exchange 100 index gained 37.20 points, or 0.84%, to 4,491.60 as Brent crude oil futures fell 51 cents to $35.16 per barrel following last week's OPEC agreement to increase output. Marks & Spencer was higher on speculation Philip Green may come back with a new, improved all-cash takeover bid. Barclays was also higher as it was also subject of M&A talk.

In Paris, the CAC 40 added 23.36 points, or 0.63%, to 3,722.23 as France Telecom, Axa, and Alcatel were higher. Air France and EADS were lower on negative news from the aerospace sector after EasyJet guided down profit forecasts for this year on the back of higher fuel prices.

Germany's DAX index jumped 55.88 points, or 1.41%, trading at 4,017.81 in carryover from Friday's rally, aided by lower oil prices and report that VDMA doubled its output forecast for orders rise. Deutsche Post was higher after announced announced an IPO price range of EUR 31.5 to EUR 36.5 for Postbank. Lufthansa was also up up after announcing ticket surcharges due to rising oil prices and plans to raise long-haul flights by 3% from July 1.

Asian stock markets ended with gains on Friday's strong finish in U.S. markets. Japan's Nikkei 225 index rose 311.87 points, or 2.80%, to 11,439.92, boosted by an upswing on Wall Street on Friday on lower oil prices and optimism over the domestic economy and earnings. U.S. NYMEX crude fell six cents to $38.43 a barrel in Asia trade but traders say downside was limited given worries about tight U.S. gasoline supplies and security fears. In the local market, banks, insurers and tech names trended higher on bullish outlook, with Canon shares extending gains after it said on Friday it would likely beat its earnings forecast for the quarter to June by more than 20%. Shares of UFJ Holdings rose after Japanese media reported on Sunday that it had begun informal talks with the state rescue body to revive the fortunes of several of UFJ's big borrowers.

Hong Kong, the Hang Seng index gained 204.21 points, or 2.53%, to finish at 12,326.685. In Hong Kong, the Hang Seng index was up 2.6% to 12335.67. Taiwan stocks rose on the back of gains in index heavyweights such as Taiwan Semiconductor and United Microelectronics, which rose following gains in U.S. peers on Friday.

Canada's benchmark S&P/TSX rose 59.38 points, or 0.71%, to 8,408.12.


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