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Market Update

Europe: Shares Bounce Back After Tuesday's Drop

May 18, 2011

European equities edged higher in early trade Wednesday, tracking gains in most Asian markets, with financial and resource stocks providing support.

At 12:45 p.m. (I.S.T.), Britain's FTSE, France's CAC and Germany's DAX rose 0.6% to 0.9%.

Mining stocks were leading the gainers' chart with BHP Billiton, Rio Tinto, Anglo American and Kazakhmys adding 1.7% to 2.8%.

Banks stocks also rose after sovereign-debt concerns in the Euro-zone appeared to have abated in the near term. BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale climbed 1.3% to 1.8%.

In news-driven stocks, Land Securities jumped 5.9% in London after the firm declared robust quarterly earnings, hiked dividend and said the property market in the U.K. was in recovery mode.

Elsewhere, Asian markets were mostly higher but Indian shares were off, pressured by a gain in crude oil prices.

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