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Market Update

European Shares Edge Higher

Oct 10, 2011

Equities in Europe fluctuated early to trade flat to higher, even as Euro-zone leaders worked to put together a deal to fight the region's debt crisis.

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX were trading 0.4% to 0.5% higher.

Germany premier Angela Merkel and French President Nicolas Sarkozy late Sunday said they were working on a package of "comprehensive measures" that would recapitalize banks and outline other steps to contain the debt crisis but specific details were not given.

Bank stocks remained little enthused with the news: Barclays, BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale were trading between 1.2% and 2.9% lower.

The euro traded modestly higher while in commodities, gold slipped while crude oil rose.

In news-driven movers, KBC Groep NV was off 2.6% after announcing the sale of its private-banking division for $1.4 billion. Spanish construction major Ferrovial jumped 5.9% on deal news while Michael Page International fell 4.3% following a trading update.

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