WSJ:European Stocks Up Slightly; Dollar Eases Against Euro and Yen
European stocks edged higher Monday, supported by some well-received corporate news, while the dollar eased back slightly against the euro and the yen, as investors waited for key data releases to gain direction and further clues on the Federal Reserve's monetary policy.
The main European benchmark indexes shrugged off early losses to trade slightly higher. The benchmark Stoxx 600 index was up 0.4%. London's FTSE was up 0.3%, while Germany's DAX and France's CAC 40 were 0.4% firmer.
U.S. futures, meanwhile, pointed to a marginally higher open on Wall Street. Changes in futures don't always accurately predict early market moves after the opening bell.
Corporate earnings lent a helping hand in Europe. Aberdeen Asset Management ADN.LN +13.71% rose sharply after the release of its full-year results and following news that it will buy Scottish Widows Investment Partnership from Lloyds Banking Group. LLOY.LN +1.34%
Shares in European Aeronautic Defence & Space Co. EAD.FR +3.37% were up after the company posted orders for its A380 superjumbo and new long-range A350 at the Dubai air show.
Sonova SOON.VX +6.59% gained after raising its full-guidance, as it reported a 10.6% rise in first-half profit.
It wasn't all good, however. Petrofac PFC.LN -17.10% tumbled after the company released a cautious statement, saying it expects net income in 2014 to see flat to modest growth year-over-year.
Overall, moves in equity markets were less than spectacular as investors looked for fresh catalysts after six straight weeks of gains. Market participants will eye Tuesday's ZEW survey from Germany, along with the Federal Open Market Committee's October minutes on Wednesday, which will be scrutinized for further hints on the timing of any scaling back of the central bank's $85 billion-a-month asset purchases.
In currency markets, the dollar was at ¥99.95 from ¥110.18 late Friday in New York, having breached the ¥100 level last week, while the single currency was at $1.3510 from $1.3495.
