European stock index futures point to higher open and European shares rise in early trade; Telefonica up

European stock index futures pointed to a stronger equities market on Friday after steep losses in the previous session, with firmer commodity prices seen supporting energy and mining stocks. By 0701 GMT, futures for the DJ Euro Stoxx STXEc1, for Germany’s DAX FDXc1 and for France’s CAC FCEc1 were up 1 to 1.3 percent. Oil CLc1 rebounded to more than $78.40 a barrel on Friday after sliding more than 2 percent the day before, lifted by a weaker dollar, but worries over the U.S. economy limited gains. European shares slipped to their lowest level in more than a week on Thursday due to disappointing economic numbers and persistent concerns over Greece’s ability to manage its debt burden. NEW YORK (Reuters) – American International Group Inc reported a quarterly loss of $8.9 billion on Friday, hurt by charges related to U.S. loan payback, asset divestments and higher loss reserves. [Read the full article]

{loadposition in-article}

European shares were higher in early trade on Friday, after U.S. markets staged a late recovery in the previous session and with Spain’s Telefonica (TEF.MC) higher after full-year results. At 0808 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.7 percent at 1,004.11 points. The index fell 1.7 percent on Thursday, on worries about Greece’s debt, and weak U.S. economic data. The European benchmark is up more than 55 percent from its lifetime low of March 9, but down 6.5 percent from a 15-month high it hit last month, partly on worries about Greece’s deficit. Spanish telecoms group Telefonica rose 1.8 percent after posting 2009 earnings which met forecasts, and setting modest growth targets for 2010. Miners rose after the price of copper and other metals recovered some of Thursday’s losses. Anglo American (AAL.L), BHP Billiton (BLT.L), Lonmin (LMI.L) and Rio Tinto (RIO.L) gained between 1.6 and 2.5 percent. U.S. [Read the full article]

Japan’s narrowest measure of consumer inflation matched a record annual fall in January in a sign weak demand will prolong deflation and may prompt the Bank of Japan to expand its supply of funds to the market by mid-year.

Analysts say that while the BOJ will want to save its ammunition for when sharp yen rises hurt a fragile economy, it may have to act around June, when government pressure for more steps could escalate ahead of upper house elections expected in July.

“The government will continue to pressure the Bank of Japan for action, given that the market is becoming increasingly cautious about each country’s fiscal deficit,” said Takeshi Minami, chief economist at Norinchukin Research Institute. [Read the full article]

European shares were higher in early trade on Friday, after U.S. markets staged a late recovery in the previous session and with Spanish group Telefonica (TEF.MC) higher after full-year results. At 0918 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.8 percent at 1,004.29 points. The index fell 1.7 percent on Thursday on worries about Greece’s debt and weak U.S. economic data. The European benchmark is up 55 percent from its lifetime low last March but down 6.5 percent from a 15-month set last month. Telecoms group Telefonica rose 1.2 percent after posting 2009 earnings which met forecasts, and setting modest growth targets for 2010. [ID:nLDE61P08B] Miners rose after the copper and other metal prices reversed some of Thursday’s losses. Anglo American (AAL.L), BHP Billiton (BLT.L), Lonmin (LMI.L) Eurasian Natural Resources (ENRC.L), Vedanta (VED.L) and Rio Tinto (RIO.L) gained 1.5-2.5 percent. [Read the full article]

You may also like...