Monday saw European markets boosted by positive news from the US. Stocks on the up were telecommunications and banks. By close of play in Paris the CAC 40 was up by just over 1%. Better news in Frankfurt though, with the Xetra DAX soaring by over 2%.
Tuesday saw more gains from the banking sector and oil stocks also coming to join the party. Yet again, positive market news from the US pushed the UK spirits upwards. At the close, the Xetra DAX was up again by almost 1.5%. In Paris the CAC 40 closed up just over 1.5%. Markets were also helped along by news from the US that retail sales were almost double the level expected.
Wednesday saw a weak day in the US expected to affect European markets. Losses were seen in the general markets but telecommunication stocks still managed to push ahead. Automobile and financial stocks were not so lucky. Nevertheless, losses were not as great as they could have been. The Xetra DAX closed slightly down but the CAC 40 fared worse, losing 0.5%.
Thursday saw no let up from the losses which were generally attributable today to technology and banking stocks. This was surprising, considering the market rises in the US. The Xetra DAX closed down just short of 0.5%. The CAC 40 fared better and only dipped slightly. In terms of telecommunication stocks BT Group reported a 43% rise in pre-tax profits, proposing a dividend of 2pence.
In a reversal of fortune, Friday saw automobile stocks come back and prop the markets up whilst oil stocks slipped into reverse. The downward movement helped the CAC 40 in Paris to a downward close of 0.5% . The Xetra DAX managed a gain of around 1%.