Market Update
European markets opened higher Monday, adding to last week's gains.
The FTSE was up 0.4%. The CAC 40 Paris was also up 0.4% while the German DAX added 1.4%.
Data out before the market open showed German retail sales rose more-than-expected in February, up 1.3% after January’s 1.7% rise, and beating expectations for a 0.5% increase. Year-on-year, sales were up 2%.
Data also showed in France the country’s GDP was up 0.3% in the last quarter, in line with expectations.
Euro-zone inflation figures are due later. Investors will also be looking ahead to the ECB’s policy meeting Thursday.
Italy’s banks are also under the spotlight after the head of the country’s banking association said they would not require any state funds following the outcome of ECB’s stress tests.
Stocks on the Move
In financials, RBS edged up 0.2% while Aviva was up 1.2%.
Miners were strong gainers with Anglo American up 1.4% and Rio Tinto 2% higher. Vedanta Resources was up 1.2% while BHP Billiton and Kazakhmys PLC were both up 1.1% each, respectively.
Switzerland-based Swatch shares were up a percent in Zurich after its chief executive said sales could reach 10 billion Swiss francs next year.
BNP Paribas was off 0.1% but SocGen and Credit Agricole were up 0.4% and 0.5% each, respectively.
Deutsche Telekom AG edged up 0.3% after the company reportedly said it plans to cut 2000 to 2500 jobs outside Germany in addition to 4,900 cuts inside the country at its IT services business T-Systems.
BMW was up 0.4%. The German luxury carmaker said it will expand production capacity in the U.S. by 50% and also introduce another off-road model.