UK shares erase losses ahead of FOMC statement

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Source: Dukascopy Bank SA
© Scanpix/AFP
UK shares rebounded on Wednesday despite weak data from the eurozone. Eurozone's manufacturing PMI indicated further contraction in October. Meanwhile, investors remained cautious ahead of FOMC statement due later in the day. The FTSE 100 Index gained 0.22% to trade at 5,813.22. Seven out of ten sectors within the index climbed. The top-performer was technology sector, adding 3.39%. ARM Holdings and Sage Group advanced 5.23% and 0.10% after German technology firm, SAP, soared. Shares of mining companies also rose. Anglo American, BHP Billiton and Eurasian Natural Resources moved higher by 1%, 0.86% and 2.40%, respectively. At the same time, telecommunications and financials dragged the index lower. Vodafone Group dropped by 0.97% while Barclays and Lloyds Banking Group slid 1.12% and 0.73%.

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Wed, 24 Oct 2012 16:31:42 GMT

German stocks jump despite weak PMI numbers

German equities bounced off recent lows on Wednesday ahead of FOMC statement due later in the day. However, dismal national data capped the upswing. German Ifo Business Climate Index dropped more than forecast this month while manufacturing activity contracted ore than expected in September. The DAX Index gained 0.48% and is currently trading at 7,208.10. Only three in nine sectors

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