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Bullish European trading

August 17, 2012

Europe's stock indices have pointed upwards in end-of-week trading, continuing their gains in recent days. The bullish mood has been backed by political comments about the eurozone's ability to cope with the crisis.

https://p.dw.com/p/15rnN
*A bull in front of Frankfurt stock exchange
Image: AP

European shares hit a five-month high on Friday, with Germany's blue-chip DAX 30 again rising above the psychologically important 7,000-point level. The DAX briefly broke through that threshold a day before for the first time since April.

London's FTSE 100 index also made further gains, with banking and car shares among the biggest winners. Trading was just as bullish in France with the CAC 40 climbing.

Dax setzt Höhenflug fort‎ # 17.08.2012 18 Uhr # dax17e # Journal Englisch

European stock markets were following on from a strong showing on Thursday, spurred by data that indicated the US economy was showing more solid signs of recovery.

All eyes on Frankfurt

Stocks on Friday were driven by remarks by German Chancellor Angela Merkel who voiced support for European Central Bank President Mario Draghi's crisis-fighting strategy. Merkel urged her European partners to move swiftly towards a closer integration of fiscal policies, while saying that time was running short.

"Generally the news flow has been positive for risk sentiment and the appraisal of the policy response in the eurozone," said Exane BNP Paribas Equity Strategist Ian Richards.

Investors appeared confident that the ECB would not waste any time in taking more emergency measures to curb the enduring eurozone debt drama.

hg/msh (AFP, Reuters)