Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Europe stocks gain from weak euro, oil
Published in Saudi Press Agency on 15 - 08 - 2008


European shares rose in early
trade on Friday, led by financial and pharmaceutical stocks,
while the euro at six-month lows against the dollar boosted
exporters and falling oil chipped away at inflation worries, Reuters reported.
At 0835 GMT, the FTSEurofirst 300 index of top European
shares was up 0.7 percent at 1,194.33 points, on track for a
loss of less than 0.5 percent for the week.
Banks were broadly higher, with UBS up 1.9 percent, Royal
Bank of Scotland up 1.6 percent and Commerzbank up 2.3 percent.
Defensive pharmaceutical stocks also gained, with
Sanofi-Aventis up 2.3 percent after Warren Buffett's Berkshire
Hathaway investment group raised its stake.
GlaxoSmithkline gained 0.9 percent, Roche rose 1 percent and
Elan added 5.5 percent.
Mining stocks tracked metal prices lower. Miners Xstrata,
Anglo American, Rio Tinto and BHP Billiton were down 1.4-3.2
percent and the top four negative weights on the index as copper
fell 2.2 percent and gold fell more than 3 percent.
Oil fell $2.25 a barrel to below $113, a far cry from a
record high above $147 set last month.
"Slowing commodity prices could stabilise the market but are
not a trigger for a sharp move up," said Heinz-Gerd
Sonnenschein, strategist at Postbank in Bonn, Germany.
Across Europe, Britain's FTSE gained 0.7 percent, Germany's
DAX rose 1 percent and France rose 1.1 percent.
Falling oil and metal prices have taken the edge off
inflation fears and raised the prospect of rate cuts in the
region, which would reduce borrowing costs for companies and
leave consumers with more money to buy companies' products.
And a weakening euro is supportive of exporters in the
region as it makes their products more competitive in the
international market.
The euro hit a six-month low against the dollar as worries
over European economic growth combined with the effect of
investors liquidating holdings in commodities and energy
markets. Sterling struck a 22-month low against the greenback.
Gainers included aerospace and defence group EADS, which
rose 4.4 percent, while carmaker BMW rose 2 percent and Renault
gained 1 percent.


Clic here to read the story from its source.