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EUROPEAN STOCKS SHRUG OFF ECB, TRACK WALL ST GAINS
Published in Saudi Press Agency on 06 - 07 - 2006

EUROPEAN SHARES JUMPED ON THURSDAY, WITH RESOURCE STOCKS PROVIDING A BOOST AS INVESTORS SHRUGGED OFF HAWKISH EUROPEAN CENTRAL BANK COMMENTS TO TRACK GAINS ON WALL STREET.
SHARES IN TOBACCO COMPANIES INCLUDING BAT ROSE AFTER A U.S. COURT RULING, WHILE DRUGMAKER SHIRE GAINED ON RENEWED BID TALK.
THE FTSEUROFIRST 300 INDEX CLOSED UP 1 PERCENT AT 1,318.8, AFTER FALLING 1.2 PERCENT ON WEDNESDAY. ACROSS EUROPE, THE FTSE 100 ROSE 1.1 PERCENT, WHILE GERMANY'S DAX ADDED 1.2 PERCENT AND FRANCE'S CAC 40 GAINED 0.9 PERCENT.
"WE THINK THE VISIBILITY IS QUITE LOW AND EXPECT MORE UPSIDE IN TERMS OF INTEREST RATES," SAID GUILLAUME DUCHESNE, EQUITY STRATEGIST AT FORTIS PRIVATE BANKING.
"WE ARE NOT NEGATIVE ON EARNINGS BUT WE THINK THE EXPECTATIONS OF THE MARKET ARE QUITE HIGH SO THERE IS A DOWNSIDE RISK."
WALL STREET STOCKS ROSE, WITH THE DOW JONES UP 0.7 PERCENT AS A SERIES OF ECONOMIC REPORTS SUGGESTED THE FEDERAL RESERVE COULD PAUSE ITS CAMPAIGN OF INTEREST RATE RISES.
THE EUROPEAN CENTRAL BANK KEPT ITS KEY RATE AT 2.75 PERCENT BUT SIGNALLED IT WAS POISED TO QUICKEN THE PACE OF INTEREST RATE INCREASES BY TIGHTENING AGAIN IN EARLY AUGUST TO HOLD INFLATIONARY PRESSURES IN CHECK.
"WITH EVIDENCE OF A BROADENING ECONOMIC RECOVERY IN THE EURO ZONE, RAPID CREDIT CREATION AND STICKY INFLATION, WE ANTICIPATE RATES PEAKING IN THE 3.75-4.0 PERCENT RANGE EARLY BY END OF THE FIRST QUARTER 2007," SAID JON CUNLIFFE, HEAD OF INTEREST RATE ALPHA AT ABN AMRO ASSET MANAGEMENT IN A NOTE.
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06/07/2006 21:44 ت م


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