Date: Monday 07 Jun 2010
Despite better than expected German manufacturing data European stock markets
had another bad day, still suffering a hangover from Friday when disappointing US jobless figures were released and Hungary alerted the world to its severe economic problems.
On a seasonally adjusted basis German manufacturing orders in April rose 2.8% after advancing 5.1% in March. Economists were caught seriously on the hop, with the consensus forecast being for a 0.4% April decline. On a year on year basis April orders were up 29.6%.
Despite the good news the German Dax fell 33 points to 5,904, but it outperformed France’s CAC index, which fell 41 points to 3,413. The Swiss Market index did better still, easing 7 points to 6,291.
Banking shares had an up and down day as investors fretted about the Hungarian debt situation. German banking titans Commerzbank and Deutsche Bank both fell back while banks with exposure to eastern Europe, such as Erste Group, Raiffeisenand UniCredit were especially hard hit.
Metals related stocks were also in the dog house on fears of slowing economic growth hitting demand. London listed mining giants BHP Billiton and Rio Tinto were friendless while German steelmaker Salzgitter and French steel producerArcelorMittal also lacked support, as did metal fabrication giant Vallourec.
On the positive side Adidas was up after Deutsche Bank upgraded the sports goods maker to "buy" from "hold".
Airbus maker EADS was another rare bright spot on suggestions that the company is set to produce better than expected sales this year.
CAC 40 - Risers
Vinci (DG) € 36.50 +0.94%
EADS (EAD) € 16.13 +0.25%
Air Liquide (AI) € 80.45 +0.09%
CAC 40 - Fallers
Vallourec (VK) € 139.15 -5.15%
Dexia (DEXB) € 3.01 -3.87%
Cap Gemini (CAP) € 37.15 -3.32%
ArcelorMittal SA (MT) € 22.58 -3.01%
Alcatel-Lucent (ALU) € 2.07 -2.91%
Alstom (ALO) € 37.00 -2.75%
Technip (TEC) € 49.15 -2.19%
GDF Suez (GSZ) € 24.56 -2.03%
Sanofi-Aventis (SAN) € 48.01 -1.94%
Societe Generale (GLE) € 31.00 -1.85%
Despite better than expected German manufacturing data European stock On a seasonally adjusted basis German manufacturing orders in April rose 2.8% after advancing 5.1% in March. Economists were caught seriously on the hop, with the consensus forecast being for a 0.4% April decline. On a year on year basis April orders were up 29.6%.
Despite the good news the German Dax fell 33 points to 5,904, but it outperformed France’s CAC index, which fell 41 points to 3,413. The Swiss Market index did better still, easing 7 points to 6,291.
Banking shares had an up and down day as investors fretted about the Hungarian debt situation. German banking titans Commerzbank and Deutsche Bank both fell back while banks with exposure to eastern Europe, such as Erste Group, Raiffeisenand UniCredit were especially hard hit.
Metals related stocks were also in the dog house on fears of slowing economic growth hitting demand. London listed mining giants BHP Billiton and Rio Tinto were friendless while German steelmaker Salzgitter and French steel producerArcelorMittal also lacked support, as did metal fabrication giant Vallourec.
On the positive side Adidas was up after Deutsche Bank upgraded the sports goods maker to "buy" from "hold".
Airbus maker EADS was another rare bright spot on suggestions that the company is set to produce better than expected sales this year.CAC 40 - Risers
Vinci (DG) € 36.50 +0.94%
EADS (EAD) € 16.13 +0.25%
Air Liquide (AI) € 80.45 +0.09%
CAC 40 - Fallers
Vallourec (VK) € 139.15 -5.15%
Dexia (DEXB) € 3.01 -3.87%
Cap Gemini (CAP) € 37.15 -3.32%
ArcelorMittal SA (MT) € 22.58 -3.01%
Alcatel-Lucent (ALU) € 2.07 -2.91%
Alstom (ALO) € 37.00 -2.75%
Technip (TEC) € 49.15 -2.19%
GDF Suez (GSZ) € 24.56 -2.03%
Sanofi-Aventis (SAN) € 48.01 -1.94%
Societe Generale (GLE) € 31.00 -1.85%
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