Dominion Lending Centres Clearlease Reports European Markets Rise On Greece News, Euro Stoxx and German DAX rise
VANCOUVER, BC (July 1, 2011) Dominion Lending Centres Clearlease Reports the European markets are moderate to notably higher in afternoon trading Friday July 1, 2011, as hopes of Greece avoiding insolvency sent a sigh of relief across global markets. U.S. stock index futures are up and Asian markets rose, amid reassuring comments from Chinese premier Wen Jiabao.
The euro area heads of state agreed to provide additional funding to Greece if the Greek Parliament passes an austerity plan agreed with the EU, European Central Bank and the International Monetary Fund.
Meanwhile, Chinese premier Wen Jiabao reportedly said the country’s efforts to check inflation have worked and that the pace of price rises would drop steadily.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.55 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is advancing 0.42 percent.
The German DAX is adding 0.89 percent and the French CAC 40 is climbing 1.03 percent. The UK’s FTSE 100 is advancing 0.86 percent and Switzerland’s SMI is gaining 0.44 percent.
Among the DAX components, BMW is adding 4.1 percent. Volkswagen and Daimler are rising 3.55 percent and 2.8 percent, respectively.
Airline Lufthansa, industrial conglomerate Siemens and detergent maker Henkel are adding over 2 percent each.
Those making notable gains include sports goods giant Adidas, technology firms SAP and Infineon Technologies, Deutsche Post and department stores operator Metro.
Deutsche Bank is rising 0.9 percent and Commerzbank is adding 0.55 percent.
Clothing & footwear firm Hugo Boss is surging 4.3 percent in Frankfurt. The stock was initiated with a “Buy” rating and a price target of 81.20 euros at Goldman Sachs.
Pharmaceutical firm Brenntag is adding 2.1 percent after Merrill Lynch raised its price target on the stock to 90 euros from 87 euros.
Cap Gemini is advancing 4.5 percent in Paris. STMicroelectronics is adding about 2 percent even as ING cut the stock to “Hold” from “Buy” and reduced the price target to 7.70 euros from 9.70 euros.
Peugeot and Renault are advancing 3.8 percent and 2.7 percent, respectively.
Airbus maker EADS is rising 2.5 percent. Airbus won about $72.2 billion worth orders and commitments at the 49th Paris Air Show in Le Bourget.
LVMH is adding 2.35 percent. HSBC kept the stock with a “Neutral” rating and a price target of 128 euros. Meanwhile, in London, Burberry Group is adding 1.4 percent after HSBC raised its price target on the stock to 1450 pence from 1250 pence.
Danone is up 2.2 percent as UBS raised the stock’s price target to 56.50 euros from 53.50 euros.
UBS cut ArcelorMittal’s price target to 24 euros from 26 euros, but the steel giant is rising 1.5 percent.
Outside the main index, Air France-KLM is adding about 3 percent. Citigroup raised the stock to “Buy” from “Hold” and increased the price target to 12.80 euros from 13.70 euros.
Lenders are on the decline, led by Natixis, which is falling 3.6 percent. Credit Agricole, BNP Paribas and Societe Generale are dropping between 0.7 percent and 0.2 percent.
In London, miners Antofagasta, BHP Billiton, Rio Tinto and Anglo American are adding between 4.9 percent and 2.5 percent, buoyed by the remarks from China.
Rio Tinto appointed Eric Finlayson as the new chief executive officer of Riversdale Mining Limited, replacing Steve Mallyon.
Lender HSBC Holdings is adding 1.2 percent and Lloyds Banking is up 0.9 percent. Barclays is down 1.5 percent, while Royal Bank of Scotland is modestly falling.
Rolls-Royce Holdings is up over 3 percent after the engine maker and German automaker Daimler secured 94.17 percent of the shares of Tognum in their tender offer.
Outside the main index, Berkeley Group is surging 10.5 percent. The residential property developer reported a rise in pre-tax profit for fiscal 2011, as strong demand for property in London and the South East resulted in higher home sales and selling prices. The company also announced a long term strategic plan, aiming to return 1.7 billion pounds in cash to its existing shareholders over ten years.
In economic news, German business sentiment increased unexpectedly in June, reports said citing a monthly survey from the Ifo institute. The Ifo business climate index rose to 114.5 in June from 114.2 in May. Economists were expecting the reading to fall to 113.4.
Meanwhile, confidence among French consumers remained stable after a modest improvement in the previous month, but their expectations regarding the broader economy improved slightly, latest survey by the statistical office INSEE showed.
Across Asia/Pacific, major markets ended higher. Australia’s All Ordinaries added 0.08 percent, China’s Shanghai Composite Index gained 2.2 percent, Hong Kong’s Hang Seng rose 1.9 percent and Japan’s Nikkei 225 advanced 0.85 percent.
In the U.S., futures point to a slightly higher open on Wall Street. In the previous session, stocks staged a significant recovery in late-day trading, ending the session mixed. Reports about a deal on Greece’s austerity plan helped to offset concerns about the economic outlook. The Nasdaq rose 0.7 percent, while the Dow fell 0.5 percent and the S&P 500 slipped 0.3 percent.
In the commodity space, crude for August delivery is adding $0.51 to $91.53 per barrel, while August gold is losing $1.3 to $1519.2 a troy ounce.
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Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers Alexander Pidgeon and Rene Pidgeon.
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Dominion Lending Centres Clearlease
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