European Markets Review

Published / Last Updated on 02/02/2002

Monday saw gains for main blue chip indices with bank and oil stocks propping up the gains.  The German DAX gained by almost 0.5% and the Paris CAC 40 rose by almost 1.5%.  Technology indices were not so lucky but generally losses were minimal.

Tuesday saw a reversal of fortune for oil stocks in Europe although profit taking from recent gains was probably the culprit.   Poor news from the US markets by close of play for Europe and speculation that US interest rates would not be cut on Wednesday, led to a drop of 1% for the DAX and almost 1.5% for the CAC 40.

Wednesday saw technology, telecommunications and insurance stocks pull the markets down in Europe with fears over poor earnings news.  To add to the falls, crude oil prices fell, culminating in a loss of almost 1.5% for both Germany and France.

Another reversal of fortune was seen on Thursday with technology and oil stocks clearly leading the way to gains.  All major markets closed up for the day and investors appeared more positive on the back of the US Federal Reserve’s decision not to cut interest rates for a 12th time.  The DAX added 0.5% and the CAC 40 was over 1% stronger.

Friday saw European markets fall back from the highs of the day.  This was following a drop in the US markets after they received worse than expected unemployment news.  In Europe it was the technology and oil stocks that kept blue chip markets afloat as long as possible but by the close of play the German DAX and Paris CAC 40 had slightly fallen.

In terms of trading for the week, most of Europe ended the way they started

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