European markets advance after positive U.S and euro area economic data. The euro area services purchasing managers'' index rises to 56.2 in May. Ahold N.V. quarterly profit rises 46%.
5:00 PM Frankfurt, Paris; 11:00 PM New York - European markets advance after positive U.S and euro area economic data. The euro area services purchasing managers'' index rises to 56.2 in May. Ahold N.V. quarterly profit rises 46%.
The euro-zone service providers increased for the ninth straight month in May but retail sales decreased 1.2% in April. Germany’s service sector activity growth eased in May.
Xstrata suspends spending on two Australian projects worth A$586 million. Nielsen Holdings files for $1.75 billion IPO.
In London FTSE 100 Index traded higher 95.27 or 1.85% to 5,246.59, in Paris CAC 40 Index increased 74.01 or 2.11% to close at 3,575.51, in Frankfurt DAX index higher 101.87 or 1.70% to close at 6,083.07. In Zurich trading SMI increased 82.74 or 1.30% to close at 6,451.55.
The euro-zone services purchasing managers'' index rose to in May from 55.6 in April, according to reports announced by Markit Economics today.
The level of new work placed at euro area service providers increased for the ninth straight month in May and at a solid pace.
Meanwhile, the composite output index, which is a weighted average of the manufacturing output index and the services business activity index, fell to 56.4 in May from 57.3 in April.
The volume of retail trade in the euro-zone decreased 1.2% in April compared with March, according to data released by Eurostat today.
Sales of food, drinks & tobacco fell by 1.1% in April compared with March. On a year-over-year basis, the retail sales index declined 1.5% in April.
Growth momentum in the French service sector continued to build in May, according to data from Markit Economics released today.
The services activity index is at a 44-month high in May. The index rose to 61.4 in May from 59.2 in April.
Germany’s service sector activity growth showed a slight slowdown in May, according to a survey conducted by Markit Economics today.
The final seasonally adjusted Purchasing Managers'' Index fell to 54.8 in May from a thirty-two month high of 55.2 in April.
Spain’s services activity improved for the third consecutive month in May, Markit Economics said in a report today.
The headline seasonally adjusted Business Activity Index rose to 52.3 in May, from 50.9 in the preceding month.
Prudential Plc confirms termination of its agreement with American International Group, Inc. for its combination with AIA Group.
BP Plc agrees to fund U.S. government''s plan for the construction of six sections of the Louisiana barrier islands.
Xstrata plc has suspended A$586 million of expenditure to develop the A$6 billion Wandoan thermal coal project and a A$600 million project to extend the life of the Ernest Henry copper mine, with immediate effect responding to the Australian Government''s proposed ""super tax.""
Australian Prime Minister Kevin Rudd has proposed to impose 40% ""super tax"" on resource project profits, for a fair share of the country''s resources. The new tax is proposed to begin in the second half of 2012.
The growth initiatives being suspended in Queensland include A$400 million Ernest Henry Mining shaft underground mine project as well as A$91 million early works and detailed design for the first stage of the 30 million tonnes per annum, A$6 billion Wandoan Coal Project and related infrastructure.
