News Column

European Stocks Extend Rally On Upbeat US Economic News

August 26, 2014

WASHINGTON (Alliance News) - European stocks continued to surge higher on Tuesday, bolstered by signs the US economic recovery is on track.

A report from the Labor Department showed US durable goods orders to have surged up by a much better than expected 22.6% in July, lifted by a record number of contracts for new jets from Boeing.

Meanwhile, a report released by the Conference Board showed consumer confidence in the US to have improved for the fourth consecutive month in August.

Markets have been in a cheerful mood this week after European Central Bank President Mario Draghi said the ECB will offer stimulus unless inflation picks up.

The Euro Stoxx 50 index of eurozone bluechip stocks added 1%.

The German DAX gained 0.82% and the French CAC 40 rose 1.18%. The UK'sFTSE 100 added 0.70%.

Commerzbank and Deutsche Bank were up 2.3% and 1.9%, respectively.

Steel maker Salzgitter added 7.4% after UBS raised the stock to "Buy" from "Sell."

UBS raised Kloeckner to "Neutral" from "Sell." The stock was up 3.8%.

In Paris, GDF Suez slipped 0.76%. UBS reduced its rating on the stock to "Neutral" from "Buy."

In London, WPP gained 1.4%. The advertising giant reported first-half results.

Telecity Group, which announced the departure of its chief executive, dropped 6%.

Antofagasta lost 1.2% after cut its forecast for a surplus in the global copper market this year.

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Source: Alliance News

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