(RTTNews) - The European markets rose on Wednesday, as better-than-estimated quarterly earnings from Intel Corp. and JPMorgan Chase & Co. lifted technology and banking stocks.

The markets also got a boost from a rally among commodity stocks after crude oil and metals prices climbed.

The U.S. Commerce Department said in its report that retail sales fell 1.5% in September following a revised 2.2% increase in August. With the monthly decrease, retail sales in September were down 5.7% compared to the same month a year ago. Economists had been expecting a steeper drop in sales of about 2.0% compared to the 2.7% increase originally reported for the previous month.

Excluding the decrease in auto sales, retail sales actually rose 0.5% in September compared to a 1.0% increase in August. The ex-autos sales growth exceeded economist estimates of a 0.2% increase.

Crude for November delivery rose $0.70 to $74.85 a barrel on the New York Mercantile Exchange, by the time the European markets closed, as the dollar weakened. Crude futures jumped as high as $75.40 a barrel earlier in the session.

The FTSEurofirst 300 index of pan-European blue chips closed 2.09% higher at 1,016.24 points, while the narrower DJ Stoxx 50 index rose 2.36% to 2,489.99 points.

Around Europe, the U.K.’s FTSE 100 index rose 1.98% to 5,256.10, while France’s CAC 40 index surged up 2.14% to 3,882.67 and Germany’s DAX index climbed 2.45% to 5,854.14.

STMicrolectronics, Europe’s biggest chipmaker, rose 2.6% and Infineon, the second biggest, surged up 4% after Intel, the world’s biggest chipmaker, yesterday reported third quarter profit that fell from last year but beat analysts’ estimate.

Banking stocks rallied after JPMorgan reported third quarter profit that increased from last year and beat analysts’ estimate. HSBC, Europe’s largest bank, rose 2.3%, while BNP Paribas, France’s largest bank, surged up 3.3% and Deutsche Bank, Germany’s biggest lender, climbed 4.2%. UBS, Switzerland’s largest bank, gained 4%.

Heavily weighted oil stocks gained after crude oil prices advanced. BP, Europe’s biggest oil company, rose 2.2%, while Royal/Dutch Shell, the second biggest, surged up 2.4% and Total, the third biggest, climbed 3%.

Similarly, mining stocks rose on firmer metals prices. BHP Billiton, the world’s biggest miner, added 4.3%, while Anglo American, the second biggest, climbed 6.3% and Rio Tinto, the third biggest, surged up 5.3%. Copper miner Antofagasta gained 4.3%.

BASF, the world’s biggest chemicals maker, jumped 7.4% after the company said third quarter earnings and sales topped analysts estimates.

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Posted in Categories: Eurozone, Releases, Stocks, Switzerland, USA.

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