Date: Wednesday 02 Jun 2010
Helped by a strong morning session in the US European markets rallied to close little changed on the day.
The performance of BP mirrored that of the markets. It spent most of the day in the red, depressed by the news that US authorities have launched a criminal investigation into the Deepwater Horizon oil disaster, but closed only marginally easier on the day.
US Attorney-General Eric Holder said last night the FBI and other federal agencies will conduct a criminal and civil investigation into the environmental catastrophe that threatens the livelihoods of thousands along the Gulf coast.
Across the markets, the German Dax was unchanged at 5,981, with the French Cac down 1 point at 3,501. The Swiss market index jumped 52 points to 6,368.
In Frankfurt luxury car maker Porsche saw its preferred shares move into reverse after Nomura downgraded the stock.
Steelmaker Salzgitter was the worst performing blue-chip, falling back in line with declining metal prices.
Elsewhere, shares in Portugal Telecom (PT) soared after Spain’s Telefonica upped its bid for a stake in PT's Vivo unit to €6.5bn from €5.7bn.
The new proposal offers two alternatives: one for an immediate sale of PT's entire stake and another to be executed at PT's sole discretion during a three-year period.
In France, EDF powered down after the energy provider said it would lift its stake in Belgian company SPE-Luminus from 51% to 63.5%.
Chipmaker ST Microelectronics was the best performing French blue chip after Bank of America Merrill Lynch reiterated its “buy” rating while upping its earnings forecast for 2010 to reflect a strong US dollar. 
Germany’s Chancellor Angela Merkel’s Cabinet on Wednesday approved a draft law that would expand restrictions on naked short-selling.
CAC 40 - Risers
ST Microelectronics (STM) € 6.49 +2.38%
Danone (BN) € 43.11 +2.25%
Unibail-Rodamco (UL) € 129.65 +1.65%
Renault (RNO) € 29.33 +1.59%
Pernod Ricard (RI) € 61.94 +1.01%
LVMH (MC) € 87.38 +0.76%
Cap Gemini (CAP) € 37.47 +0.73%
France Telecom (FTE) € 15.48 +0.58%
Michelin (ML) € 54.74 +0.53%
Peugeot (UG) € 19.53 +0.41%
CAC 40 - Fallers
Technip (TEC) € 50.06 -3.30%
Dexia (DEXB) € 3.26 -2.40%
Vallourec (VK) € 143.90 -2.08%
Bouygues (EN) € 34.50 -1.75%
AXA (CS) € 13.11 -1.43%
Credit Agricole (ACA) € 8.61 -1.22%
Societe Generale (GLE) € 33.85 -0.98%
Alcatel-Lucent (ALU) € 2.09 -0.86%
Air Liquide (AI) € 80.40 -0.80%
EDF (EDF) € 35.70 -0.75%
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