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Market Update

Europe Joins Global Rally, Edges Up

Aug 10, 2011

Shares in Europe rose in early trade Wednesday, tracking gains in the United States overnight, as equities snapped its streak of declines that has seen the region lose over 15% in the past 10 trading sessions.

At the time of writing, Britain's FTSE gained 1.8%, France's CAC rose 1.4% while Germany's DAX was trading 2.2% higher.

Stocks rose globally after Wall Street bounced back Tuesday, following days of decline, as investors came in to buy equities in the hope that most of the damage relating to the uncertainty over the global economy would be in the price and amid short covering.

Financial stocks, which corrected heavily in the recent fall, rose: Barclays, Credit Agricole, Deutsche Bank and Societe Generale advanced 2.2% to 4.7%.

The mining sector, which was also hit badly as commodity prices tanked recently, also edged higher: BHP Billiton, Rio Tinto and Xstrata climbed 2.6% to 5.2%.

In news-driven movers, Nestle was up 1.7% followings its earnings declaration while Commerzbank rose 4.5% after posting numbers.

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