FRANKFURT (Dow Jones) – European stock markets have benefited from good targets on Tuesday and closed tight. Thus the markets are still recovering from the setbacks in the previous week.
The business performed very quiet here. New data on the U.S. housing market but brought no surprises, but were interpreted as reflecting a further stabilize the U.S. housing market. The Euro-Stoxx-50 gained 1.3% or 37 to 2830 points, the Stoxx-50 advanced 0.9%, or 21 to 2512 points. Particularly cyclic papers, especially the volatile commodity values were sought.
Financial stocks set to significantly
Each at a premium of 1.4% or 1.2% of the banking and insurance sector showed up. Dealers talked of a technical counter-movement to the previous charges in advance of the hearing of the former Federal Reserve President Paul Volcker before the Senate Banking Committee. Volcker is expected here even more energetically to use for structural changes in the sector.
Named after him, "Volcker Rule" provides, inter alia, significant limitations of proprietary trading and is considered by observers as "Glass-Steagall Act Lite." According to a dealer, however, it is extremely unlikely that the Senate will approve the proposals in its current form. Rather, these are likely to be considerably diluted. For the banking sector, the more potential for recovery meant that the market had gone in his initial negative interpretation of the "Volcker rule" very broadly. In the banking sector, BNP Paribas, moved up 1.9% to EUR 53.88, up 2.4% on Santander and BBVA 10,62 EUR to 1.1% to 11,24 EUR.
Munich Re developed volatile after notification of the quarterly figures. In the results, there is really nothing wrong, analysts praised. Both have dividend and net profit exceeded expectations, it said. Market participants justified the deduction of 0.5% to 108.75 EUR with the more conservative outlook.
Oil stocks lag behind – BP-quarter profit misses expectations
In contrast, the oil stocks were off at a premium of 0.2%. Market participants were disappointed by the business figures of the oil and gas company BP. The company failed in the fourth quarter of last year’s expectations. Really weak, have cut off the processing business, it said. The heavyweight lost 3.8% to 572 p, while other values of the sector such as Repsol, which rose 1.9% to 17.40 EUR, well kept.
Values hardly changed Telekom – Telecom Italia rise significantly
The defensive telecommunications stocks gained 0.3%. At the head of the sector, Telecom Italia were an increase of 6% to EUR 1.15. This has been the renewed speculation of a full takeover of the Italian telecommunications service provider by the Spanish competitor Telefonica. The newspaper La Repubblica that the Italian Government has now agreed to the "inevitable" merger of two companies, which the leadership of the southern European country, but denied immediately. Telefonica rose 0.5% to 17.42 euros.
The replacement of Didier Lombard, CEO of France Telecom, by Stephane Richard 1 March is not the view of a dealer surprising. "Richard has been in place since mid last year, in conversation, the question was just when he would take over the baton," said market participants. Unexpectedly, however, was that the changes now so quickly takes place. The stock gained 0.7% to EUR 16.92 EUR. DJG / mif / flf