DAX 30 rise on Monti austerity measures

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Source: Dukascopy
© Scanpix/AFP

Germany benchmark index DAX 30 maintains upward trend. Index closed last week 0.7% or 45 points up at 6,080.68, led by financial companies and auto producer stocks. It was the biggest weekly gain for DAX 30 since 2009. BMW AG gained 0.8%, Daimler AG rose 1.7% and Volkswagen AG edged up 1.5%. On Monday trade index kept upward path climbing 0.4% to 6,102.87. Industrial company ThyssenKrupp provided the biggest gains for the index as its shares added 3.79%. On the downside Commerzbank AG paced gains losing 7.3% after it proposed to buy back several of its hybrid instruments.

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Mon, 05 Dec 2011 15:19:22 GMT

Monti austerity measures may cause Italian anger

Premier Mario Monti proposed austerity plan on Sunday requiring Italians to sacrifice €30 bn in order to reduce country's burden. Monti's plan includes linking pension to total employee contributions instead of last salary, revise property taxes and impose taxes on luxury goods. Monti's plan is the third attempt to introduce debt reduction since July and is expected to face resistance both from Parliament and Italian

Mon, 05 Dec 2011 15:16:46 GMT

FTSE 100 extends gains on Italy announcement

On Friday UK's FTSE 100 index closed week at 5,552.29, 63 points or 1.2% up, led by banking stocks. Barclays PLC rose 7% HSBC Holdings PLC added 3% while Standard Chartered PLC gained 3.2%. On Monday trade UK benchmark index extended gains after Mario Monti proposed a plan to reduce Italy's debt burden. FTSE 100 gained 0.5% or 26.25 points to 5,578.54 in London morning trade.

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