RTTNews - The European markets rose for the first time in three days on Monday, as a rally among pharmaceutical stocks overshadowed a report that showed German business confidence rose less than expected in May.
A monthly survey conducted by the Munich-based Ifo Institute for Economic Research showed that German business confidence improved to 84.2 in May from 83.7 in April. However, the indicator stood below the expected reading of 85.
Crude for July delivery fell $0.62 to $61.05 a barrel in electronic trading on the New York Mercantile Exchange, by the time the European markets closed, as investors eyed an OPEC meeting this week and weighed evidence of a global economic recovery. U.S. markets were also closed on Monday for the Memorial Day holiday.
The FTSEurofirst 300 index of pan-European blue chips closed 0.20% higher at 857.71 points, while the narrower DJ Stoxx 50 index rose 0.31% to 2,100.72 points.
Around Europe, France's CAC 40 index rose 0.25% to 3,236.16, while Germany's DAX index fell 0.01% to 4,918.45. The U.K. market was closed for a holiday.
Sanofi-Aventis, France's biggest drugmaker, surged up 1.6% after the company received a $190 million order for swine flu vaccine from the U.S. government.
Swiss drugmaker Roche climbed 1.6% after the company said its Mircera treatment helped anemia patients with chronic kidney disease in a study.
Acciona jumped 2.5% after Celebi Hava Servisi, a Turkish provider of airport services, agreed to buy its ground-handling companies in Spain and Germany.
On the other hand, sports car maker Porsches slipped 3.1% after the company confirmed media reports that it received a ?700 million loan from Volkswagen to help with its finances.
Deutsche Bank, Germany's largest bank, fell 1% after the country's financial regulator started a probe into potential violations the company uncovered in its corporate security department.
For comments and feedback: contact email@example.com