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Market Update

Europe: Resource Stocks Pull Indexes Higher

Oct 17, 2011

Stocks in Europe were trading higher, led by strength in commodity shares, and amid hopes authorities will be able to effectively fight the region's debt crisis.

At the time of writing, Britain's FTSE and Germany's DAX were trading 1.1% and 1.4% higher, while France's CAC rose 0.6%.

Mining stocks were sharply higher in early trade: BHP Billiton, Rio Tinto, Xstrata and Anglo American rose between 2.5% and 3.5% after metal prices surged in the commodities market.

Shares in BP surged over 5% following news that the oil giant had settled its dispute with Anadarko Petroleum Corp relating to Deepwater Horizon oil spill in the Gulf of Mexico last year.

In earnings-driven movers, Philips rose 2.7% after posting quarterly earnings and after saying its cost-cutting program was "responding well".

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