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Market Update

Europe Stocks Open Higher in Thin Trade

May 2, 2011

Shares in Europe opened higher early Monday, following the news of the death of Osama Bin Laden in Pakistan, and as equities mainly rose while crude oil prices dipped on perception of easier security concerns globally. But volumes remained thin globally as several key markets remained shut.

At 1:30 p.m. (I.S.T.), France's CAC rose 0.6% while Germany's DAX climbed 1%. Markets in the United Kingdom remained closed due to a national holiday.

Crude oil prices took a dip while in other commodities, silver prices, which have seen a major rally recently, crashed over 10% in Asian trading. The U.S. dollar rose.

In Europe, automakers boosted the index with BMW, Daimler and Renault climbing 1.1% to 1.5%.

While financials were also trading mildly higher: BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale rose between 0.2% and 0.7%.

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