By Herbert Rude
LONDON (Dow Jones) – On the European stock markets draw lessons on Tuesday afternoon again. The DAX gaining 0.8 percent to 11,985 points, and the Euro Stoxx 50 applies to just over one half of one percent, driven by very solid pharmaceutical stocks because of the wave of mergers in the industry and also very solid technology stocks after good company results. SAP gain 3.1 percent to 69.51 euros, rising to the highest level since the bursting of the technology bubble in March 2000.
The even greater index spreads from the morning are due to the crisis in Greece partially melted. With the financial problems of Athens and speculation about a possible exit from the euro yields two-year Greek bonds rose to almost 30 percent. This problem affects the banking stocks. The rates of the Greek banks are partly more than 5 percent in the red. But Italian banks issue after predominantly. And in Switzerland, the shares of Credit Suisse lost 2.1 percent. Although the investment banking had a positive surprise in the first quarter, retail banking and asset management would not mind the expectations missed, it’s the number of bank card.
The banking index in the Euro Stoxx recorded almost unchanged. The minus are the indices of the mining and oil and gas title after they had comparatively well in the past few days.
On the other hand, the index of pharmaceutical stocks rise in pan-European Stoxx index by 1.4 percent. The bid by Teva for Mylan heats the takeover speculation in the pharmaceutical industry to grow. “Although the price has already risen sharply with the speculation Teva creates another 20 percent of it,” said one dealer. Because of possible high tax and cost reductions that was probably justified. In MDAX Stada rise by 2.0 percent. Perrigo, provides for Mylan, on the other hand give something.
Led is the list of winners among the industries whose European sector index rises from the technology stocks, up 2.7 percent. Is supported sentiment among others by SAP. The DZ Bank speaks of solid figures of the software company. In particular, growth in the cloud business is highly unusual. With 509 million euros, sales were above the consensus expectation of 480 million euros, says analyst Harald Schnitzer. Strong sales outweigh the weak surplus. Although SAP growth in cloud business bought more lower-margin, but experts believe that the cloud business in the medium term strengthen profitability.
The Software AG sets by as much as 3.7 percent. On the stock market Reference is made to the submission of the quarterly figures from IBM. According to analysts at Bryan Garnier range of software at IBM with a decrease of 2 percent not shrunk so much as feared. This it a positive sign for other software vendors such as SAP and Software AG.
Well went the first quarter at L’Oreal. The company was as expected benefits from the weaker euro, so Jefferies analyst Alex Howson. It therefore increases the profit estimate. The stock gains 0.6 percent.
INDEX Stand + -% Euro Stoxx 50 3732.50 + 0.39% Stoxx 50 3557.76 + 0.58% + 0.78% FTSE DAX 11985.16 7073.12 + 0.30% CAC 5203.12 + 0.30% EUREX Stand + -Ticks Bund futures 160.1 -22 FOREX last +/-% Di, 8.38 Mo clock, clock 18.26 EUR / USD 1.0707 -0.04 % 1.0711 1.0764 EUR / JPY 128.10 0.12 127.94% 128.42 EUR / CHF 1.0256 -0.04% 1.0260 1.0276 USD / JPY 119.66 0.16% 119.46 119.32 GBP / USD 1.4909 1.4882 1.4911 0.18% Contact the author herbert.rude@wsj.com DJG / hru / cln
(END) Dow Jones Newswires
April 21, 2015 10:31 ET (14:31 GMT)
Copyright (c) 2015 Dow Jones & amp; Company, Inc.
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