The German market is moderately higher in afternoon trading Monday, after the summit of European Union leaders last week served to soothe investor fears. Sentiment was also influenced by some economic data out of Asia.
The Euro Stoxx 50 index of eurozone bluechip stocks is climbing 1.01 percent, while the Stoxx Europe 50 index, which includes some major U.K. Companies, is adding 1.95 percent.
The DAX index is currently adding 0.90 percent.
HeidelbergCement is advancing 2.4 percent. Deutsche Bank and Commerzbank are rising around 1.9 percent each.
Bayer, Allianz, Basf, Siemens and Adidas are making notable gains.
Linde is losing 3.1 percent. The industrial gases producer agreed to acquire U.S- based oxygen provider Lincare Holdings, Inc. in an all-cash deal of about $4.6 billion.
Fresenius is up 1.2 percent. The firm said Friday that minimum acceptance threshold of over 90 percent was not reached at the end of the offer period for private hospital operator Rhoen-Klinikum. Substantial trading volume was seen on the final day of the acceptance period, after rival Asklepios Kliniken built a stake of over 5 percent in Rhoen-Klinikum. Shares of Rhoen-Klinikum are plunging around 10 percent.
Elsewhere in Europe, the French CAC 40 is adding 1.02 percent and the UK's FTSE 100 is advancing 0.60 percent. Switzerland's SMI is gaining 0.53 percent.
In economic news, Eurozone unemployment rate rose to a record 11.1 percent in May from 11 percent in April, matching economists' expectations, Eurostat said.
An indicator measuring the performance of the British manufacturing sector rose more than expected in June, but the index still pointed to a decline in activity rates. A survey by Markit Economics showed that the purchasing managers' index for the manufacturing sector rose to 48.6 in June from May's three-year low of 45.9. Economists expected an increase to 46.5.
The Bank of Japan's quarterly Tankan survey showed that sentiment for its large manufacturers' index showed a marked improvement in the second quarter, climbing to a score of -1. The headline figure beat expectations for a score of -4, which would have been unchanged from the previous three months.
Across Asia/Pacific, Australia's All Ordinaries added 0.89 percent, while China's Shanghai Composite Index edge up 0.03 percent. Japan's Nikkei 225 edged down 0.04 percent.
In the U.S., futures point to a mixed open on Wall Street. In the previous session, stocks moved sharply higher with much of the strength stemming from a positive reaction to the latest developments in Europe. The Dow jumped 2.2 percent, the Nasdaq soared 3 percent and the S&P 500 surged up 2.5 percent.
In the commodity space, crude for August delivery is losing $1.55 to $83.41 per barrel and August gold is falling $12.8 to $1591.4 a troy ounce.
by RTT Staff Writer
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