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Europe
European stock markets had a strong week, with the FTSE Euro1st 300 Index (an index of Europe's 300 largest companies, including the UK) up 1.8% in EUR terms over the week.
Among the major markets, Germany's DAX rose 2.9%, the French CAC 40 jumped 2.6% and the Swiss SPI was 2.4% higher.
In the UK, the FTSE 100's 1.7% gain, while still strong, was behind the continental European markets mainly on account of early weakness in the mining and oil sectors on the back of lower commodity prices. Copper prices in London, for example, are down 25% from May's record high.
In general, though, European markets were boosted by bargain hunting following recent heavy falls, sparked by continued merger & acquisition activity and corporate restructuring announcements.
In merger news, Nokia and Siemens announced EUR 20 billion plans to merge their telecoms network businesses, while at the weekend Luxembourg-based steel maker, Arcelor, finally agreed to be taken over by Mittal Steel for EUR 26.9 billion in a deal that will form the world's largest steel group.
Investors were also reminded of the potential for corporate restructuring to boost shareholder returns in Europe as Allianz, the German insurance giant, and Lafarge, a French building materials company, both announced restructuring plans.
Interest rate concerns remained on the sidelines for most of the week, despite comments from Jean-Claude Trichet, the president of the European Central Bank, signaling further rate rises in the eurozone may be imminent. Meanwhile, the Swedish central bank announced a quarter-point interest rate rise, taking Swedish rates up to 2.25%.
(以上资料全部来源于JF Asset Management)
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