LONDON: Europe's leading stock markets surged on Wednesday, boosted by Wall Street as investors eyed a global economic recovery following positive earnings and economic data, analysts said.
"Stock markets across Europe rose for the third day in a row on Wednesday after better then expected Intel results after the bell last night," said City Index market analyst Nick Serff, referring to the US technology firm.
London's FTSE 100 gained 2.57 percent to close at 4,346.46 points.
Frankfurt's DAX soared 3.07 percent to close at 4,928.44 points and in Paris the CAC 40 rose 2.90 percent to 3,171.27.
The DJ Euro Stoxx 50 index of leading eurozone shares surged by 3.24 percent to 2,447.58 points.
Wall Street shares shot higher Wednesday after a stronger-than-expected quarterly report for tech giant Intel ignited optimism about the economic and earnings outlook.
The Dow Jones Industrial Average lifted 1.82 percent to 8,511.24 in early trade. The tech-heavy Nasdaq rallied 2.42 percent to 1,843.23 and the Standard & Poor's 500 broad-market index climbed 1.82 percent to 922.33.
"Intel Corp.'s solid quarterly report and upbeat outlook have galvanized Wall Street bulls," said Joseph Hargett at Schaeffer's Investment Research.
"The report helped bolster hopes for a solid round of corporate earnings, especially since Goldman Sachs Group took the edge off with its better-than-expected quarterly report on Tuesday morning."
Goldman Sachs posted a net profit of 3.44 billion dollars in the second quarter, topping market expectations and easing fears about a collapsing financial system.
"Investors will be making the most of this post-Goldman optimism," said IG Index market strategist Anthony Grech.
The FTSE was also boosted by British unemployment data.
"Although the unemployment number hit its highest rate since January 1997, the number of people claiming jobless benefits rose by less than expected. This helped the FTSE trade above 4,300 for the first time in weeks," added Serff.
The number claiming unemployment benefits in Britain rose in June at the slowest pace for 13 months, official data showed, but the unemployment rate hit a 12-year high of 7.6 percent, amid Britain's worst recession in decades.
Japanese stocks ended narrowly mixed Wednesday as investors reacted coolly to the gains on Wall Street, dealers said.
Leading the way in London on Wednesday were miners and banks. Anglo-Swiss miner Xstrata soared 8.42 percent to 666 pence and Barclays banking group gained 4.43 percent to 313.3 pence.
"Commodity producers are leading the charge higher, as analysts are forecasting increased demand from China," said Grech.
Elsewhere in Europe, the Swiss market Index rose 2.02 percent to 5,473.33, Milan soared 3.68 percent to 19,130, Amsterdam 3.54 percent to 260.82, Madrid 2.82 percent to 9,905.30 and Brussels 2.79 percent to 2,082.29.
(AFP)
"Stock markets across Europe rose for the third day in a row on Wednesday after better then expected Intel results after the bell last night," said City Index market analyst Nick Serff, referring to the US technology firm.
London's FTSE 100 gained 2.57 percent to close at 4,346.46 points.
Frankfurt's DAX soared 3.07 percent to close at 4,928.44 points and in Paris the CAC 40 rose 2.90 percent to 3,171.27.
The DJ Euro Stoxx 50 index of leading eurozone shares surged by 3.24 percent to 2,447.58 points.
Wall Street shares shot higher Wednesday after a stronger-than-expected quarterly report for tech giant Intel ignited optimism about the economic and earnings outlook.
The Dow Jones Industrial Average lifted 1.82 percent to 8,511.24 in early trade. The tech-heavy Nasdaq rallied 2.42 percent to 1,843.23 and the Standard & Poor's 500 broad-market index climbed 1.82 percent to 922.33.
"Intel Corp.'s solid quarterly report and upbeat outlook have galvanized Wall Street bulls," said Joseph Hargett at Schaeffer's Investment Research.
"The report helped bolster hopes for a solid round of corporate earnings, especially since Goldman Sachs Group took the edge off with its better-than-expected quarterly report on Tuesday morning."
Goldman Sachs posted a net profit of 3.44 billion dollars in the second quarter, topping market expectations and easing fears about a collapsing financial system.
"Investors will be making the most of this post-Goldman optimism," said IG Index market strategist Anthony Grech.
The FTSE was also boosted by British unemployment data.
"Although the unemployment number hit its highest rate since January 1997, the number of people claiming jobless benefits rose by less than expected. This helped the FTSE trade above 4,300 for the first time in weeks," added Serff.
The number claiming unemployment benefits in Britain rose in June at the slowest pace for 13 months, official data showed, but the unemployment rate hit a 12-year high of 7.6 percent, amid Britain's worst recession in decades.
Japanese stocks ended narrowly mixed Wednesday as investors reacted coolly to the gains on Wall Street, dealers said.
Leading the way in London on Wednesday were miners and banks. Anglo-Swiss miner Xstrata soared 8.42 percent to 666 pence and Barclays banking group gained 4.43 percent to 313.3 pence.
"Commodity producers are leading the charge higher, as analysts are forecasting increased demand from China," said Grech.
Elsewhere in Europe, the Swiss market Index rose 2.02 percent to 5,473.33, Milan soared 3.68 percent to 19,130, Amsterdam 3.54 percent to 260.82, Madrid 2.82 percent to 9,905.30 and Brussels 2.79 percent to 2,082.29.
(AFP)
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