Friday, May 21, 2010
Saturday Siren Elisha Cuthbert
European shares pull back off highs
European stocks rose this morning on the back of a late rally yesterday on Wall Street, however uncertainty and fears still linger regarding euro zone public debt and new trading bans in Germany. At the moment, major indices have pulled back from their morning highs with the German DAX slipping into the red at -0.27%. The FTSE 100 and CAC 40 however still remain up showing gains of 0.47% and 0.31% respectively.
Banks are showing the biggest winnings so far after a tumultuous session a day prior where the euro fell to a fresh 4-year low. Currently Barclays, BNP Paribus and Banco Santander are all posting strong results with the common currency stabilizing however still vulnerable. Investors today will continue to look out for hints of multilateral ECB action in response to Germany’s regulation as well as slew of economic data including US jobless claims and the EMU consumer confidence index.