Reply #63: Europe ahead on robust earnings

[Ghost Dog]

http://mwprices.ft.com/custom/ft2-com/html-story.asp?dateid=39127.4909722222-889484360&guid={505EC99B-A594-4E32-A7DC-F63F345FBDB5}

On a busy day for corporate earnings, European equity markets moved sharply higher by the close of trade on Wednesday, helped by record results from Commerzbank and expectations that DaimlerChrysler will announce a dramatic restructuring. US stocks also lent support as they rallied on comments from Federal Reserve Chairman Ben Bernanke. ThyssenKrupp topped the leaderboard, rising 6.2 per cent to €38.67 as brokers upgraded their price targets after the steelmaker raised its estimates for full-year pre-tax profits to €2.75 to €2.88bn for the current finacial year to September 30 from €2.5bn previously. Deutsche Bank raised its price target from €41 to €43 and reiterated a “buy” while BHF Bank lifted its target from €42 to €45. The upbeat sentiment boosted rival steelmaker Arcelor Mittal, up 3.7 per cent to €37.60. DaimlerChrysler added 4 per cent at €51.23 amid strong expectations that the carmaker will announce a spin-off or sale of Crysler, its loss-making US business, at its full-year results presentation ater today. Commerzbank rose 0.6 per cent to €32.03 after Germany’s second largest commercial lender reported record net profits for last year and raised its earnings targets for 2007. The FTSE Eurofirst 300 rose 10.75 points, or 0.7 per cent, to 1,547.07 while Germany’s Xetra Dax added 65.84 points, or 1 per cent, to 6,961.18 and France’s CAC 40 gained 43.15 points, or 0.8 per cent, at 5,725.84.