European Markets Rise On Earnings Optimism - European Commentary

(RTTNews) - The European markets rose Monday on growing optimism for the third quarter earnings season that will be in full swing this week.

The British government must cut ï¿½120 billion from its current spending plans to boost investor confidence and get the UK economy on the path to recovery, the Confederation of British Industry said today.

Crude for November delivery traded up $0.18 at $78.71 on the New York Mercantile Exchange, by the time the European markets closed.

The FTSEurofirst 300 index of pan-European blue chips closed 1.67% higher at 1,026.46 points, its highest close since October 3, 2008, while the narrower DJ Stoxx 50 index rose 1.87% to 2,514.71 points.

Around Europe, the U.K.’s FTSE 100 index rose 1.12% to 5,281.54, while France’s CAC 40 index surged up 1.69% to 3,892.36 and Germany’s DAX index climbed 1.90% to 5,852.56.

Heavily weighted oil stocks gained after crude oil prices advanced. BP, Europe’s biggest oil company, climbed 2.7%, while Royal/Dutch Shell, the second biggest, surged up 2.4% and Total, the third biggest, rose 1.3%.

Daimler, the world’s second biggest maker of luxury cars, rallied 7% after the company said that its third quarter cash flow and earnings will exceed market expectations.

BMW, the world’s largest luxury-car maker, climbed 4.3% and Volkswagen, Europe’s biggest carmaker, surged up 3.8%.

National Express jumped 11% after the company said it got a highly preliminary merger proposal from rival U.K. bus and rail operator Stagecoach Group.

Nestle, the world’s biggest food company, gained 3.5% after UBS upgraded the stock to “buy” from “neutral” and increased its price target to 50 Swiss francs from 43 francs.

Technip, Europe’s second largest oilfield-services provider, surged up 5.2% after the company’s Chief Executive Officer Thierry Pilenko said Les Echos in an interview that the company expects an increase in the level of new projects awarded in 2010.

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