RTTNews - The major European markets are likely to open on a mixed note Thursday after rising the most since April in the previous session. While upbeat economic data from China has further boosted hopes of a global economic recovery, traders may express caution ahead of the announcement of quarterly results by JPMorgan Chase, Nokia, IBM and Google Inc.
Investors look forward to several economic reports due later in the day from U.S, which include among others, weekly jobless claims and the Philadelphia Fed's manufacturing survey report. Asian stocks advanced further to a 2-week high on Thursday, led by automakers and mining companies on hopes of a faster economic recovery.
Overnight, the U.S. averages posted substantial gains, extending their gains for the third straight session after better-than expected results from Intel Corp. and Yum! Brands, and the Federal Reserve's announcement that it expects a less severe economic contraction in 2009 and a moderately stronger recovery in 2010 proved strong enough triggers for traders to stay bullish. The Dow Jones Industrial Average closed up 3.07%, the Nasdaq Composite climbed 3.51% and the S&P 500 index rose 2.96%.
Crude oil futures rose above $61 to settle up $2.02 or 3.39% in New York trading on Wednesday, boosted by a larger-than-expected decline in crude oil inventories last week, violence in Nigeria and a weaker dollar. Better than expected quarterly results and a smaller than expected decline in the industrial output for June also helped lift crude oil price. In Asian trading on Thursday, the commodity rose towards $62 a barrel on the back of a rally on Wall Street Wednesday.
In corporate news, German truck maker MAN SE said Wednesday that it will acquire a 25% plus one share in Chinese heavy truck manufacturer Sinotruk for Euro 560 million as part of a long-term strategic partnership.
Spain's hotel chain operator NH Hoteles said in a regulatory filing that its rights offering was oversubscribed. Drug maker Novartis AG reported a 10% fall in its second quarter net profit on the back of the dollar's strength against the euro.
Autonomy Corp. plc reported a second-quarter net profit of $50.87 million or $0.21 per share, compared to $30.47 million or $0.14 per share last year.
Frontera Resources, an independent oil and gas exploration and production company, said it received a five-year extension to the exploration phase of its production sharing agreement covering Block 12 in the country of Georgia from 2012 to 2017
Fresnillo plc said in its second quarter production report that its quarterly attributable silver production was 9.6 million ounces, up 6.7% year- over -year.
The European markets rose for the third day on Wednesday, led by technology, mining and energy stocks. The FTSEurofirst 300 index of pan-European blue chips closed 2.76% higher, while the narrower DJ Stoxx 50 index rose 2.79%. Around Europe, the U.K.'s FTSE 100 index rose 2.57%, France's CAC 40 index surged up 2.90% and Germany's DAX index climbed 3.07%.
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