European equities diverge in quiet Christmas Eve trade

GMT 16:03 2014 Wednesday ,24 December

Arab Today, arab today European equities diverge in quiet Christmas Eve trade

European stock markets
London - AFP

European stock markets diverged in Christmas Eve trade on Wednesday, after a global rally that was sparked by stellar economic growth figures from the United States.
Volumes were low, with most investors away for the festive break, and with London and Paris open only for a half a day.
"Stock markets hours are reduced across Europe and volume should be a fraction of its normal levels," said CMC Markets analyst Jasper Lawler.
In a shortened session, London's benchmark FTSE 100 index rose 0.18 percent from Tuesday's close to finish the day at 6,609.93 points.
In Paris the CAC 40 shed 0.44 percent to 4,295.85, while Frankfurt and Milan were shut for Christmas.
The euro recovered to $1.2204, having tumbled on Tuesday to $1.2165 -- last seen in August 2012 -- after bright US growth data.
- 'Understandably' quiet -
"It is understandably a very quiet day with the stock markets in Italy and Germany closed for Christmas Eve," said analyst Fawad Razaqzada.
"Elsewhere, most traders are probably out today too although that does not necessarily mean the markets won’t move. In fact, the lack of volume means there could be bouts of high volatility."
Frankfurt's DAX 30 benchmark index had risen 0.57 percent Tuesday to close at 9,922.11 points in its last trading day before the festive break.
World stock markets had soared Tuesday, propelled by official data showing that US gross domestic product (GDP) grew at 5.0 percent in the third quarter.
That marked a major upgrade from the previous growth estimate of 3.9 percent, and outstripped analyst predictions of 4.3 percent.
Asian markets took their cue from the data, with most indices rising on Wednesday.
Tokyo led gains, adding 1.24 percent, and Seoul put on 0.39 percent.
Sydney and Hong Kong both ended slightly higher after thin trading in holiday-shortened sessions.
On the downside, Shanghai fell 1.98 percent, adding to one of its biggest percentage falls of the year on Tuesday.
In China, shares slid further, giving up gains sparked by a surge of foreign buying that followed a shock interest-rate cut last month.
European equities had jumped Tuesday on Wall Street's coat-tails as the Dow shot above 18,000 points for the first time on the GDP surprise, while the euro slumped.
- Wall Street smashes records -
US markets hit fresh records, extending last week's "Santa Claus rally", with the Dow Jones Industrial Average closing above 18,000 for the first time ever and the S&P 500 setting a new high.
It also supported the dollar, which advanced on renewed hopes the US Federal Reserve will raise interest rates before other leading central banks in mid-2015.
"It was another stellar day for US equities with a much better than expected revised GDP reading triggering the gains," added Stan Shamu at trading house IG Markets.
"The GDP reading also underpinned the greenback as it rallied against the Aussie, euro, yen and sterling."
In Wednesday deals on the London Bullion Market, gold fell to $1,179.31 per ounce from $1,175.75 on Tuesday.

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بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
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