Saudi, Greek ministers co-chair inaugural meeting of Strategic Culture Committee    Saudia Group signs deal with Airbus for flyadeal's first wide-body aircraft    Saudi non-oil exports surge 14.3 percent to SR26.11bn in February    Israeli strikes across Gaza kill at least 26, Palestinian officials say    Modi pledges to hunt Kashmir attackers 'to the ends of the Earth'    Trump's trade war olive branch met with derision and mistrust inside China    Ministry of Justice launches centralized court model to enhance judicial efficiency    Kyiv hit by deadly Russian missile and drone attack    Saudi Arabia elected chair of Asia region of World Meteorological Organization    Saudi Media Regulation Authority to take legal action against unregistered media practitioners    Musk to reduce Doge role after Tesla profits plunge    IMF lowers its growth forecast for Saudi economy to 3% in 2025    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    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.



Miners, defensive drugmakers lift European shares
Published in Saudi Press Agency on 24 - 01 - 2011

European shares edged up on Monday, as heavyweight miners rose on strong metals prices and defensive drugmakers and tobacco firms gained on concerns over the impact of rising inflation on growth prospects, according to Reuters.
Gains, however, were kept in check by falls on the German DAX index, as sentiment was hit by data showing a drop in German manufacturing purchasing managers index (PMI) in January, despite strong numbers from the services sector.
The pan-European FTSEurofirst 300 index of top shares closed 0.3 percent higher at 1,151.18 points.
"Cyclicals are being sold and investors are moving into defensives," said Heino Ruland, strategist at Ruland Research in Frankfurt. "It has a lot to do with worries about inflation in China and concerns that China might overdo it with regards to tightening, which could cause global growth to slow."
Heavyweight mining shares rose, with the STOXX Europe 600 basic resources index up 0.9 percent, boosted by strong copper prices on supply constraints.
Defensive drugmakers also gained, with the healthcare index up 1.1 percent and British American Tobacco up 4 percent, as investors sought perceived safe-haven qualities in an environment of rising inflation.
INFLATION LURKS
Headline inflation in the euro zone rose to 2.2 percent in December, the first time in two years it has risen above the central bank's target of just below 2 percent.
European Central Bank (ECB) President Jean-Claude-Trichet was quoted as saying on Sunday that the core euro zone inflation rate, excluding volatile energy and food prices, does not gauge future price pressures well, suggesting it was taking fresh steps towards hiking interest rates this year.
"There is an increasing fear that European markets will begin to struggle from here on and that inflation cannot be ignored," said Howard Wheeldon, senior strategist at BGC Partners.
Further inflation expectations were fuelled by Markit Flash Eurozone PMI data on Monday which showed factories in the euro zone reported the strongest monthly price increase on record for raw materials and fuel in January.
Among individual movers, Philips Electronics fell 5.5 percent as it posted disappointing fourth-quarter earnings.
Britain's major banks fell after a weekend speech by the head of the UK's Independent Commission on Banking, set up to probe a shake-up of the sector, raises concerns the banks may have to raise more capital to make their retail bank arms safer.
Lloyds and Royal Bank of Scotland shed 3.4 and 1.9 percent respectively.
Across Europe, Britain's FTSE 100 rose 0.8 percent, Germany's DAX added 0.1 percent and France's CAC 40 climbed 0.4 percent.


Clic here to read the story from its source.