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Market Update

Europe Markets Up as Data Supports

Dec 18, 2013

European markets were higher Wednesday supported by a better-than-expected reading of an important German economic sentiment indicator.

The FTSE was up 0.3%. The CAC 40 Paris was up 0.4% while the German DAX rose 0.6%.

The German research institute Ifo's business climate index rose to a 20-month high to a seasonally adjusted 109.5 in December in line with expectations and up from a reading of 109.3 in November. The business expectations index that measures attitude to business prospects for the next six months – rose to 107.4 in December from 106.4 in November, beating expectations for a reading of 106.5.

Investors are also focused on the outcome of the U.S. Fed's final policy meeting before the end of 2013, with many expecting the central bank to announce a small reduction in its stimulus measures.

Stocks on the Move

Swedish home-appliances maker Electrolux gained 2.3%, helped by strong U.S. deliveries data.

Bwin.party Digital Entertainment PLC was up over 4% in London after the online gambling firm said its outlook for 2014 remained positive.

Technip dropped about 6% in Paris after the company said it expects a weaker profit at its subsea division next year.

In Frankfurt, Deutsche Bank was down over half a percent.

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