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European Market Commentary
11/5/2009 2:58 PM ET
(RTTNews) -
The European markets rose for the second day on Thursday, as BNP Paribas and Delhaize Group reported better-than-estimated earnings and encouraging news on U.S. jobless claims and labor productivity lifted investor sentiment.
The U.S. Labor Department said in its report that jobless claims fell to 512,000 from the previous week's revised figure of 532,000. Economists had been expecting jobless claims to edge down to 522,000 from the 530,000 originally reported for the previous week.
In a separate report, the U.S. Labor Department said that labor productivity increased by 9.5% in the third quarter following a revised 6.9% increase in the second quarter. Economists had expected productivity to rise by 6.5% compared to the 6.6% growth originally reported for the previous quarter.
As was widely expected, The European Central Bank left its benchmark interest rate unchanged at a record low of 1%. The Bank of England also maintained its key rate at a record low of 0.5% and expanded its asset-purchase program by £25 billion to £200 billion pounds.
Crude for December delivery fell $0.70 to $79.70 a barrel on the New York Mercantile Exchange, by the time the European markets closed.
The FTSEurofirst 300 index of pan-European blue chips closed 0.60% higher at 990.53 points, while the narrower DJ Stoxx 50 index rose 0.59% to 2,434.30 points.
Around Europe, the U.K.'s FTSE 100 index rose 0.35% to 5,125.64, while France's CAC 40 index climbed 1.05% to 3,708.73 and Germany's DAX index surged up 0.67% to 5,480.92.
BNP Paribas, France's largest bank, climbed 3.3% after the company reported third quarter profit that increased 45% from last year and beat analysts' estimate.
Belgian food retailer Delhaize surged up 5.1% after the company reported third quarter profit that rose more than analysts' estimates and increased its forecast for the year.
Dutch retailer Ahold rose 4.5% after the company said the head of its U.S. Giant-Carlisle unit will return to the Netherlands to run the Albert Heijn chain as part of a shakeup of senior management.
Adecco gained 2% after the Swiss-based staffing company reported third quarter profit that topped analysts' estimate.
ITV, Britain's biggest private television company, jumped 9.6% after the company predicted advertising sales will increase in December and said the overall market is stabilizing.
by RTT Staff Writer
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