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European stocks steady at open
Fri, Oct 30, 2009
Reuters

LONDON, Oct 30, 2009 (AFP) - Europe's main stock markets held steady in opening trade on Friday after bumper gains the previous day as official data showed that the United States has emerged from recession.

London's FTSE 100 index of leading shares dipped 0.07 percent to 5,134.31 points, Frankfurt's DAX 30 eased 0.10 percent to 5,593.15 points and in Paris the CAC 40 gained 0.12 percent to 3,718.69 points.

News that the US economy bounced out of recession in the third quarter drove up stock markets in Europe and in New York on Thursday as relieved investors reversed the previous day's heavy falls.

Asian stocks rallied Friday on the news and after Japan also released upbeat figures, lifting hopes for a recovery in global economies.

Tokyo closed 1.45 percent higher while Hong Kong was up 2.99 percent at the break and Sydney 1.5 percent stronger.

The US Commerce Department's first estimate Thursday was that the economy grew 3.5 percent in the third quarter - its strongest growth in two years and the first since the second quarter of 2008.

The figures, helped by multi-billion dollar stimulus measures from Washington, beat analyst forecasts for a 3.2 percent growth.

The news sent the Dow Jones 2.05 percent higher Thursday, its largest single jump since July and a day after recording its worst single fall in October.

 

 

 
 
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