Date: Thursday 27 May 2010
European stocks’ rally continued as China’s denial that it is considering cutting its holdings of eurozone sovereign debt reassured investors.
The far eastern economic powerhouse said it will continue to hold diversified foreign reserves.
Across the markets, the French CAC climbed 116 points to 3,525 with the German DAX rising 179 points to 5,937. The Swiss market climbed 137 points to 6,305.
Banks were strong, with France’s BNP Paribas and Credit Agricole among the risers.
Belgian insurer Ageas climbed after cutting its exposure to southern European government debt by €4.8bn.
But Swiss luxury goods group Richemont fells after revealing a 44% fall in profits.
In politics, Britain and France are at loggerheads with other European countries over plans to insure against the failure of banks.
EU internal market commissioner Michel Barnier set out proposals for member states to charge banking levies and use the proceeds to help failing banks across the continent. But Britain and France want to use the funds they raise for their own purposes.
Meanwhile, Spain's parliament approved - albeit by just one vote - a €15bn austerity plan that will control its debt crisis.
The far eastern economic powerhouse said it will continue to hold diversified foreign reserves.
Across the markets, the French CAC climbed 116 points to 3,525 with the German DAX rising 179 points to 5,937. The Swiss market climbed 137 points to 6,305.
Banks were strong, with France’s BNP Paribas and Credit Agricole among the risers.
Belgian insurer Ageas climbed after cutting its exposure to southern European government debt by €4.8bn.
But Swiss luxury goods group Richemont fells after revealing a 44% fall in profits.
In politics, Britain and France are at loggerheads with other European countries over plans to insure against the failure of banks.
EU internal market commissioner Michel Barnier set out proposals for member states to charge banking levies and use the proceeds to help failing banks across the continent. But Britain and France want to use the funds they raise for their own purposes.
Meanwhile, Spain's parliament approved - albeit by just one vote - a €15bn austerity plan that will control its debt crisis.
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