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BP. Bp Plc

495.70
2.90 (0.59%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bp Plc LSE:BP. London Ordinary Share GB0007980591 $0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.90 0.59% 495.70 496.00 496.10 498.75 493.30 495.45 36,110,224 16:35:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Petroleum Refining 211.6B 15.24B 0.8934 5.55 84.61B

EUROPE MARKETS: European Stocks Turn Higher After Improved U.S. Data

20/03/2014 6:00pm

Dow Jones News


Bp (LSE:BP.)
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By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- Stocks in Europe notched small gains Thursday, clawing out of deeper losses after U.S. equities shifted their focus from an interest-rate increase comment by the U.S. Federal Reserve's new chief to improved manufacturing data in the world's biggest economy.

The Stoxx Europe 600 index finished less than 1 point higher at 327.67, with Germany's Siemens AG pushed up 2.2% following reports that the industrial conglomerate may restructure operations.

The Stoxx Europe 600 index had been down by 1%, paced by oil securities as a rise in the U.S. dollar pressured dollar-denominated crude prices. Shares of BP PLC (BP) gave up 1.8% and Total SA (TOT) eased 0.1%, but finished off session lows.

European markets had been weighed by the prospect that a U.S. interest-rate increase may arrive sooner than anticipated.

Federal Reserve Chairwoman Janet Yellen said Wednesday that rate hikes could happen after "about six months" from the time the central bank finishes winding down bond purchases. Her comment came as she answered questions in her first news conference as head of the Fed.

Risk-off had been the theme for European markets, with traders "nervous" after Yellen's "hawkish comments," said Naeem Aslam, chief market analyst at Ava Trade, in emailed comments.

"It appears that her dashboard might be giving her green signals and making her confident that the bank perhaps could increase the short-term interest rate in a year's time," he said.

After Yellen spoke, traders in federal funds futures on Tuesday moved up their bets on rate hikes by two meetings, to April 2015.

Among European indexes, Germany's DAX 30 index shook off losses and closed up 0.2% at 9,296.12. France's CAC 40 index tacked on 0.5% to settle at 4,327.91, led by a 3.9% advance for insurer AXA SA and a 2.7% rise for Bouygues SA , which is pursuing Vivendi SA's French mobile phone unit SFR.

But the U.K.'s FTSE 100 index was stuck in the red, ending down 0.5% at 6,542.44.

Stocks in Asia fell overnight, with Japan's Nikkei Stock Average logging a 1.7% decline. On Thursday, U.S. stocks opened lower but later swung higher after data showed manufacturing in the Philadelphia area rebounded in March from February. Separately, the Conference Board's leading economic index rose 0.5% in February, indicating that any weather-related volatility will be short lived. Much of the U.S. this year has grappled with ultra-cold temperatures.

Among individual European issues, GlaxoSmithKline PLC (GSK) fell 1.6% in London trade after the company said a treatment for patients with non-small-cell lung cancer didn't meet its goals in a late-stage clinical trial.

Also, betting firms extended declines in London from Wednesday when the U.K. government said it would raise taxes on betting terminals. Ladbrokes PLC shed 4.5% and William Hill PLC fell 1.4%.

In Frankfurt, stock in Deutsche Boerse AG fell 0.3% after J.P. Morgan Cazenove cut the company to underweight from neutral.

In other developments Thursday, the European Union reached a deal over the so-called single-resolution mechanism, which will centralize control of failing euro-zone banks.

Meanwhile, German Chancellor Angela Merkel said EU leaders will show readiness at their summit to increase sanctions against Russia over its actions in Ukraine, and U.S. President Barack Obama said the U.S. is preparing broader sanctions if Russia "continues to escalate the situation," in Ukraine.

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