Daily Comments
Germany: indexes end the week in the green
06.09.2010 8:08:00 Erokhina Anna, Analyst, Global Markets (Finam)
On Friday, September 3, Germany’s benchmarks were on an upward track, with US labor market data acting as the main growth driver. US nonfarm payrolls fell much less than anticipated in August, while private nonfarm payrolls increased far more than expected.
As per local economic data, they did not live up to expectations, nor did they impact trading results, either. Thus, Germany’s service PMI dropped to 57.2, although the metric had been expected to remain unchanged at 58.5, i.e. the level recorded in July.
By the closing bell, Germany’s benchmark DAX advanced 0.83% to settle at 6,134.62, while the TecDAX Performance Index firmed 0.56% to close at 766.17.
By 16:15 GMT, Brent crude oil futures traded 1.39% lower and gold weakened 0.19%. The euro moved up 0.45% against the greenback and traded at 1.288.
Automaker Daimler added 1.6% to its market value after reporting sales at Mercedes-Benz surged 22% in August due to growing demand for E- and S-class models in China, Germany and the United States, with 81,000 vehicles sold in August.
The market capitalization of Europe’s second-biggest auto parts supplier Continental AG rose 1.8% after Commerzbank AG upgraded the stock to Buy. It should be noted that the bank proved to be less benevolent towards Fresenius Medical Care AG and Co., the world’s medical equipment manufacturer, which was cut to Hold. The stock sank 1.2% on the news.
