This Day On The Street
Continue to site right-arrow
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 Edge Higher; Asian Shares Slip

Stocks in this article: GSK BLK

LONDON (The Deal) -- European stock indices edged higher after a closely watched index of manufacturing output beat forecasts while Asian indices ended the day largely in the red.

The December reading of Markit Economic's eurozone manufacturing index rose to 52.7, well above consensus forecasts for a reading of 51.9, and above the 51.6 posted in the month before.  The rise took the index to a 31-month high.

In Frankfurt, the DAX index rose 0.51% to 9,052.63. In Paris, the CAC was up 0.55% at 4,082.93. The FTSE in London rose 0.24% to 6,455,70.
In Milan,  Telecom Italia was up more than 5% after it emerged that BlackRock (BLK)now owns more than 10%.

Also in Milan, private equity-backed luxury ski jackets maker Moncler soared about 40% as trading began after shares in last week's IPO priced at the top of the range.  At the current price, Moncler, whose backers include Carlyle Group LP and Eurazeo SA,  has a market value of about 3.6 euros billion ($4.9 billion).

In Mumbai, GlaxoSmithKline Pharmaceuticals surged 19% after its controlling U.K. shareholder announced the terms of a tender offer to raise its majority stake to up to 75%. GlaxoSmithKline (GSK) will offer 3,100 rupees , or a 26% premium to Friday's close, to lift its stake from 50.2%.  The British company will potentially invest Rs63.86 billion ($1.03 billion) for the additional shares.

Asian indices closed down as ahead of a slew of data from the U.S., including November industrial output,  that might influence the two-day Federal Reserve meeting starting Tuesday. A growing minority of forecasters expect the Fed to opt to begin cutting its $85 billion monthly bond buying program at the meeting, which is Chairman Ben Bernanke's last one.

In Tokyo, the Nikkei closed down 1.62% at 15,152,91. That was despite the Bank of Japan's influential Tankan index of manufacturing sentiment soaring to a six-year high.  In Hong Kong, the Hang Seng shed 0.56% to close down at 23,114.66.

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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