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4/19/2016, 10:19 AM (Source: TeleTrader)
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Stocks in Europe climb in early trade

Following moderate advances of equities in North America and Asia-Pacific, European indices rose on Tuesday on the wings of a rally in the materials and manufacturing sectors. The dollar pared gains against the euro, the franc and the pound. The European Central Bank today said the monetary union recorded an adjusted current account surplus of €19 billion in February, after €27.5 billion in the previous month. The 12-month cumulated surplus through February rose to €321.5 billion, or 3.1% of Eurozone's economy, after €269.1 billion or 2.7% was measured for one year ending on January 31.

The FTSE 100 rose 0.79% at 9:51 a.m. CET, led by Fresnillo and Anglo American, jumping 4.15% and 3.81%, respectively, with a rally in prices of precious metals. Standard Chartered was the top performing bank, up 2.2%. Rio Tinto advanced 1.2% after reporting a 12% year-over-year rise in iron ore production last quarter, even though it cut its outlook. Its aluminum output also increased.

The DAX surged 1.55% at 10:09 a.m. CET, with Beiersdorf topping the list with a gain of more than 3%. RWE and Infineon followed, rising 2.6% and 2.3%, respectively. The CAC 40 jumped 1.3% at 10:10 a.m. CET. The biggest winners were L'Oreal, catapulting over 5%, Publicis Groupe, 4.7% in the green, and Danone, up 3.16%. AB Inbev traded 1.7% up after revealing it sold beer brands Peroni, Grolsch and Meantime to Asahi Group, based in Tokyo. The deal will help the European brewer resolve regulatory issues in the ongoing aquisition of SABMiller. 

The dollar index was virtually flat at 94.45 points, following a dip to 94.23 as markets were closing in the Far East, which helped oil prices return to positive territory. The greenback inched 0.09% lower against the euro, lost 0.17% versus the pound and retreated 0.07% compared to the franc. 

 

Image: EPA / Facundo Arrizabalaga

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