European stocks build on gains but euro shaken

GMT 14:25 2014 Thursday ,25 September

Arab Today, arab today European stocks build on gains but euro shaken

European Central Bank (ECB)
London - AFP

European stock markets mostly rose Thursday, building on the previous day's recovery, but London dipped as heavyweight miners faced renewed pressure after the dollar hit two-year highs against the euro.
London's FTSE 100 benchmark index eased 0.04 percent to stand at 6,703.63 points around midday in the British capital, with miner Anglo American among the biggest fallers with a loss of 2.67 percent to 1,422 pence.
Frankfurt's DAX 30 index grew 0.46 percent to 9,706.51 points and in Paris the CAC 40 won 0.31 percent to 4,427.35 compared with Wednesday's closing level.
European equities had rebounded on Wednesday on hopes that the European Central Bank (ECB) would step up its stimulus measures, dealers said. They had tumbled on Tuesday on data revealing a sharp slowdown for business activity in the eurozone.
"Overall sentiment in Europe continues to be mixed," noted Markus Huber, senior trader at Peregrine & Black brokers.
"Despite the US economy powering ahead and the ECB having undertaken plenty of measures to support growth and are likely to provide further stimulus in the months ahead not everybody is convinced that this will be enough.
"Instead calls are getting louder for a substantial increase in public spending and much more rigid structural reforms especially in countries like Italy and France whose economies are struggling the most," he added in a note to clients.
In foreign exchange trading on Thursday, the euro hit $1.2697 in early London deals to reach the lowest level since November 2012. It later pulled back to $1.2722, down from $1.2781 late in New York on Wednesday.
The single currency slid also versus the British pound to 77.90 pence -- the lowest point since July 2012. It later recovered to 78.07 pence, but still down from 78.20 on Wednesday.
The pound fell to $1.6300 from $1.6342.
On the London Bullion Market, the price of gold hit a 2014-low at $1,206.83 an ounce. It later traded at $1,209.90 an ounce, down from $1,217.25 on Wednesday.
The stronger dollar made metals more expensive, weighing on commodity and miners' share prices, traders said.
Britain meanwhile on Thursday said new powers to punish rigging of Libor interest rates with criminal sanctions should be extended for seven major benchmarks, drawing in oil, gold and currency markets.
The government, working alongside the Bank of England and Britain's financial regulators, said it intends to have the new regime for the designated benchmarks in place by the end of the year.
"Ensuring that the key rates that underpin financial markets are robust, and that anyone who seeks to manipulate them is subject to the full force of the law is vital," Economic Secretary to the Treasury Andrea Leadsom said in a statement.

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