🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

REFILE-European shares gain as prospect of ECB boost helps carmakers

Published 01/12/2015, 01:35 am
Updated 01/12/2015, 01:40 am
© Reuters.  REFILE-European shares gain as prospect of ECB boost helps carmakers
BHPB
-
VALE
-
RHJIF
-
VOWG_p
-
DLL
-
STX50EEX
-
FTEU3
-
0656
-

(Inserts missing space in headline; no change in text.)

* Prospect of more ECB QE lifts European stocks

* Carmakers among stocks benefiting from weaker euro

* Kleinwort Benson soars on counter-bid

* Delta Lloyd falls after announcing rights issue

By Danilo Masoni

MILAN, Nov 30 (Reuters) - European shares rose on Monday, boosted by expectations of more help from the European Central Bank, which weakened the euro and helped carmakers.

The ECB is expected to cut interest rates on euro deposits and extend its quantitative easing programme when it meets on Thursday. That put pressure on the euro FRX/ , lifting shares of carmakers and luxury goods companies, since a weaker euro makes their products cheaper overseas.

"There is still some optimism ahead of the ECB meeting on Thursday, which is the key market driver of the week," said Carlo Alberto De Casa, analyst at ActivTrades in London.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.4 percent, close to three-months highs reached last week. The euro zone's blue-chip Euro STOXX 50 index .STOXX50E advanced 0.6 percent.

German carmaker Volkswagen VOWG_p.DE got a further boost when Germany's transport minister voiced approval for VW's plans to resolve issues related to its cheating on emissions tests. ID:nL8N13P2Y2

Belgium financial services group Kleinwort Benson BHFKB.BR also soared 13.1 percent after French private bank Oddo launched a counter-bid for the company, challenging a lower offer from Chinese investor Fosun 0656.HK .

However, BHP Billiton (L:BLT) fell 3 percent after Brazil announced plans to sue the owners of the Samarco iron ore miner - BHP and Vale VALE5.SA - for $5.2 billion in damages after a dam owned by Samarco burst, killing at least 13 people and spilling tons of waste. urn:newsml:reuters.com:*:nL1N13O0M9

Delta Lloyd DLL.AS also fell more than 10 percent. The Dutch insurer announced a 1 billion-euro rights issue to boost its capital ratio and said it would pay no final dividend this year. urn:newsml:reuters.com:*:nL8N13P0M9

The FTSEurofirst is up by around 10 percent so far in 2015.

Today's European research round-up RCH/EUROPE

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.