This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Deal: European Stocks Rise, Led by Banks

LONDON (The Deal) -- European stocks headed higher in early trading Thursday, with banks leading the way in London and Frankfurt, almost despite the less-than-encouraging news from other parts of the economy.
 
London's FTSE 100 was up almost 0.3% at 6693, with Lloyds Bank the best performer in the banking sector at 79.43 pence, up nearly 2%. Advertising and marketing group WPP was the biggest riser overall, after it announced revenue growth in the fourth quarter at 5%, well above analysts' forecasts. But retailers were in a swoon, after Britain's biggest department store group Debenhams reported falling profits and said it was cautious about any consumer-led recovery going into 2014.
 
In Germany, the DAX index was up nearly 0.5% at 8963.5%, led by lender Commerzbank which was up nearly 2.7% at 9.6 euros. Analysts at Exane BNP Paribas said the Frankfurt bank was well placed to pass new European Central Bank stress tests and put an outperform tag on the stock. Car maker Daimler reported better-than-expected earnings and also rose about 2.5%. And shares in pharmaceutical wholesaler Celesio were driven up on the announcement that San Francisco health care group McKesson (MCK) will buy just over half the company for 23 euros a share. The deal values Celesio at about $8.3 billion.
 
But the bad news came from the Market Purchasing Managers survey, which was down on last month in for the Eurozone as a whole -- and seemed to indicate the economic recovery remained fragile. What's more data also showed shakier confidence in Germany, France and Italy.
 
In Asia, the Nikkei 225 closed up a little over 0,4% at 14,486.41, after bouncing back from a two-week low earlier in the day. The region's been concerned over a liquidity crunch in the China economy, but also gained some comfort from good figures from China's manufacturing sector. Those figures also helped boost the European markets this morning.
 
Hong Kong's Hang Seng index was down by 0.7%, despite news of potential bids by mainland Chinese banks for a couple of smaller Hong Kong lenders, Wing Hang Bank and Chong Hing Bank.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs