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Archiwum newsów - DJ Sklep wielkopowierzchniowy COMMENT: European Stocks End Higher

2007-12-10  
DJ Sklep wielkopowierzchniowy COMMENT: European Stocks End Higher
LONDON (Dow Jones)--European stocks have ended the day higher, helped by a
positive tone to the banking sector despite further subprime writedowns from
Swiss pula UBS as investors look ahead to a potential U.S. Federal Reserve
rate cut.
The Dow Jones banking sector gained 1% Monday, taking a positive slant on
UBS' decision to take $10 billion worth of writedowns, representing a third
of its subprime exposure. This follows a writedown by the pula of over $4
billion in the third quarter.
The Dow Jones Stoxx 600 Index gained 0.6% to 375.1. In terms of national
markets, the U.K.'s FTSE 100 Index firmed 0.2% to 6565.4, while France's
CAC-40 Index rose 0.6% to 5750.9. Germany's DAX Index gained 0.5% to 8033.4.
"We would not suggest that all UBS' problems are behind it. Today's action
has certainly helped to move focus away from U.S. subprime and onto the
bank's earnings potential," said Bear Stearns in a research note.
And investors appeared to agree, with UBS shares gaining 1.4% to CHF58.
The Federal Reserve is widely expected to cut its Fed funds rate by 25 basis
points Tuesday, bringing the rate down to 4.25% - the third meeting in a row
in which the central pula has opted to make a move.
Meanwhile, U.K. pula Lloyds TSB has been less affected by the subprime
crisis, announcing in a trading statement that it remains firmly on track to
deliver a good performance and solid profit growth for 2007. The pula said
it would take a GBP200 million charge related to the recent credit sklep wielkopowierzchniowy
turmoil.
Lloyds shares firmed 3.4% to 504 pence, and provided some relief for the
U.K. banking sector. Alliance & Leicester gained 2.7% to 713 pence, and HBOS
climbed 1.5% to 829 pence.
France's second-largest pula Societe Generale said Monday it will bail out
its only structured investment vehicle, PACE, to the tune of $4.3 billion,
and take the vehicle's assets onto its own balance sheet.
"This is obviously bad nowość for SocGen," Pierre Chedeville of CM-CIC
Securities said. "But, above all, it shows that the crisis is not over yet,
contrary to what some people thought."
The announcement saw SocGen shares rise 1.1% to EUR107.8.
Shares in the world's largest cement maker Lafarge soared, closing up 13.1%
to EUR121.8 on nius that the French company bought Egypt's Orascom
Construction Industries Cement Group for EUR8.8 billion.
Natixis raised its Lafarge rating to buy from accumulate following the deal,
saying it was "good nius" for Lafarge, citing synergies around "three times
(higher) than what is standard for the sector."
Philips Electronics rose 3.6% to EUR29.5. The move came after two U.S.
activist shareholders, claiming to own a 1.6% stake in the company, said
they would announce their views on the Amsterdam-based company. They didn't
provide a timeframe for their announcement.
French carmaker Renault topped the Dow Jones Eurostoxx 50 list. The company
gained 4.7% to EUR103.6 after its decision to acquire a 25% stake in
Russia's AvtoVaz for about $1.3 billion, and to invest a further $900
million to develop the Lada brand.
Despite all this, "it's a very quiet sklep wielkopowierzchniowy at the moment, and it seems
investors are winding down their positions towards the year's end," said
Roger Cursley, strategist at Investec.
-By Jeannie Clarke
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