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22/08/2001
European markets react positively to German trade prospects
Promising signs over the health of German businesses have helped European stock markets shrug off early gloom after falls were prompted by worries over the outlook for the US economy.
The early gloom resulted in London's FTSE 100 index plunge 50 points during early trade, with the Paris Cac 40 index tumbling 65 points, as investors digested a Federal Reserve warning over the profitability of US firms.
However, outlook was boosted by a report showing unexpected confidence among German executives over trade prospects, as well as a statement by auto giant General Motors affirming earnings forecasts.
Profits figures from beleaguered Baltimore Technologies, once a major player of the European technology sector, were also well received, sending the firm's shares up by 10 per cent. (MB)
The early gloom resulted in London's FTSE 100 index plunge 50 points during early trade, with the Paris Cac 40 index tumbling 65 points, as investors digested a Federal Reserve warning over the profitability of US firms.
However, outlook was boosted by a report showing unexpected confidence among German executives over trade prospects, as well as a statement by auto giant General Motors affirming earnings forecasts.
Profits figures from beleaguered Baltimore Technologies, once a major player of the European technology sector, were also well received, sending the firm's shares up by 10 per cent. (MB)
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