European Stocks Close Higher
Apr. 18, 2000
LONDON (AP) _ Gains in European technology, media and telecom stocks late Tuesday reversed early losses.
The Dow Jones Stoxx Index of shares in European companies rose 4.66 points, or 1.3 percent, to 372.81.
The Dow Jones Euro Stoxx Index, which tracks companies in countries that joined the single currency, ended up 5.17 points at 419.84. The Dow Jones Euro Stoxx 50 Index was up 82.2 points at 5061.9 and the Dow Jones Stoxx 50 Index up 82.4 points at 4818.0.
The Pan-European technology index Easdaq was up 1.6 percent.
Among key movers, Vodafone Airtouch was up 6.0 percent, COLT Telecom was up 5.4 percent, STMicroelectronics rose 3.4 percent, Siemens up 3.1 percent, and Deutsche Telekom up 2.3 percent.
In Germany, the Ifo index of business sentiment, released Tuesday, fell unexpectedly, with slightly worse current conditions and expectations compared with February, apparently because of European Central Bank rate increases.
``What is worrying is that the German economy is seemingly already beginning to struggle, since it was only last year that it began to grow at above-trend after a substantial period of sub-trend growth,'' said Neil Parker, senior European economist at Royal Bank of Scotland.
But other observers said the small drops in both the sentiment and prospects components of the Ifo index don't signal an early end to German economic growth, and will reduce pressure on the European Central Bank to raise interest rates.
Frankfurt's Xetra DAX index ended up 0.1 percent to 7,196.49. Allianz rose 0.2 percent and Commerzbank was up 2.8 percent.
London's FTSE-100 index closed up 1.4 percent, at 6,074.0.
The Paris CAC-40 Index was up 1.4 percent to 6,147.44, with Canal Plus, Equant and France Telecom leading gainers.
Milan's MIBtel Index was up 1.0 percent to 29,834 and Amsterdam's AEX Index up 1.3 percent to 646.43.