GLOBAL MARKETS-European stocks rise, led by energy shares; dollar rebounds

18 May 2015 | Author: | No comments yet »

European Stocks Are Little Changed While Greek Shares Rebound.

The Stoxx Europe 600 Index rose 0.1 percent to 396.83 at 3:21 p.m. in London, after falling as much as 0.7 percent. Germany’s DAX 30 DAX, +0.82% which has recently been sensitive to moves in the euro, was up 0.8% as the shared currency slipped to $1.1373, from $1.1449 late Friday in New York. Corporates: Among other movers, Aveva Group PLC AVV, +9.05% topped the Stoxx 600, surging 13% after The Sunday Times said a group of European and American conglomerates are working on bids for the software developer. OMV AG OMV, -9.17% shares lost 5% as the Austrian oil and gas company posted a 46% drop in first-quarter net income , due to low oil prices and production shutdowns in Yemen and Libya. Energy companies and banks fell. “Equities, right or wrong, feel ‘protected’ by ECB QE,” said Steen Jakobsen, chief investment officer at Saxo Bank A/S in Hellerup, Denmark. “The market is going to church praying the issue with Greece will go away.

Inmarsat PLC ISAT, -3.16% dropped 3% after the mobile satellite communications services company said the launch of its third Global Xpress satellite has been delayed. Normally not the best strategy, but for now it seems to work.’’ Stoxx 600 commodity producers and health-care companies advanced more than 0.6 percent. On Friday, ratings service DBRS Inc. cut its rating on Greece, which faces a key repayment deadline on June 5. “The next two weeks in Greece are going to be crucial,” said analysts from Barclays in a note.

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