European equity market prices stabilised this morning following three days of consecutive losses as investors' attention turned away from the war and back to the state of the global economy.
The pan-European FTSE Eurotop 300 index was 1 per cent firmer at 802.2 after dropping 3.6 per cent in the last three sessions. The index had rallied 10.7 per cent last week in the build up to the efforts to topple Iraqi president Saddam Hussein.
Today Frankfurt's Dax added 1.9 per cent to 2,746.9, the Paris CAC 40 was 1.2 per cent firmer at 2,840.9 and in London the FTSE 100 traded 0.7 per cent higher at 3,828.2.
In New York last night the markets ended in positive territory after trading in the red for much of the session. The Dow Jones Industrial Average rose 0.3 per cent to 8,221.3 and the Nasdaq Composite index ended 0.7 per cent higher at 1,365.6.
The markets will remain focused on developments in the world's leading economy. The preliminary reading of the University of Michigan's survey of consumer sentiment for April, due at 13.45 (Irish time), will be of particular interest.
European insurance stocks edged higher with Munich Re up 2.8 per cent to ?72.20 and Allianz of Germany gained 0.7 per cent to €59.38 after upgrades from Goldman Sachs. CS Group rose 3.1 per cent to SFr27 and Fortis, the Benelux insurer, was 1.9 per cent firmer at €14.59.
On the downside Sweden's Foreningssparbanken, known internationally as Swedbank, dropped 4.7 per cent to SKr101 after the stock went ex-dividend.
The corporate agenda was relatively thin in Europe today, but French retailer Carrefour and Danone, the food group, both reported earnings after the close in Paris yesterday.
AFP