By and  on October 12, 2011

Europe’s stock markets all rose today, following an address by the president of the European Commission, Jose Manuel Barroso, in which he unveiled a roadmap designed to, “chart Europe’s way out of the economic crisis.”

The plan includes measures such as a coordinated approach to strengthen Europe’s banks, speeding up stability and growth enhancing policies and building what the commission called “robust and integrated economic governance for the future.” It was also reported today that Slovakia’s opposing parties had reached a deal to support the [European Union’s] measures to fortify its bailout fund, indicating that the country will pass the measures when the vote arises again.

Following the news, the FTSE 100 in London closed up 0.9 percent, the CAC 40 in Paris finished up 2.4 percent, the DAX in Frankfurt closed up 2.2 percent and the FTSE MIB in Milan was up 2.9 percent.

And the EU also said that industrial production in the Euro area rose by 1.2 percent in August 2011 compared to the previous month. Compared with the same period a year ago, industrial production in the Euro area rose by 5.3 percent in August 2011.

Luxury and retail stocks also had a mostly positive day. Among those that rose were Burberry, which gained 3.5 percent on the back of an almost 30 percent rise in its first half sales; LVMH Moët Hennessy Louis Vuitton, which rose 3.3 percent, and Richemont, which gained 2.4 percent. In terms of retailers, ASOS rose 4.1 percent, Marks & Spencer crept up 0.3 percent and Carrefour rose 2.5 percent.

In the U.S., the S&P Retail Index advanced 0.4 percent, or 2.18 points, to 530.85, as the Dow Jones Industrial Average gained 0.9 percent, or 102.55 points, to 11,518.85.

The strongest gainer in the fashion set was Liz Claiborne Inc., which shot up 34.1 percent to $6.84 after the company laid out a plan to sell its namesake brand to J.C. Penney Co. Inc. Also on the rise were Ann Inc., 5.2 percent to $25.33; Sears Holdings Corp., 4.7 percent to $70.11, and Coach Inc., 3 percent to $61.08.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus