ArcelorMittal, Siemens lead Europe stocks higher
European shares ended sharply higher on Wednesday, lifted by upbeat results from industrial bellwethers Siemens and ArcelorMittal , while financials rose after major central banks expanded liquidity-boosting measures.
FRANKFURT: European shares ended sharply higher on Wednesday, lifted by upbeat results from industrial bellwethers Siemens and ArcelorMittal , while financials rose after major central banks expanded liquidity-boosting measures. ArcelorMittal, the world No 1 steelmaker, reported record second-quarter results that easily exceeded expectations as it managed to raise prices and offset raw material costs despite economic gloom.
Its shares rose 8.5 per cent and were the strongest positive weight in the pan-European FTSEurofirst 300 index , which unofficially ended up 1.6 percent at 1,181.32 points, after rising 0.3 percent in the previous session. Markets also drew support from a move by US, European and Swiss central banks to extend liquidity offerings to stressed banks and securities firms to ease credit strains that have weighed on the global economy for nearly a year.
"The Fed has expanded its measures and signals very clearly that it will do everything to support the financial system," said Rainer Sartoris, economist at HSBC Trinkaus. "This has a positive impact on the stock markets. Investors are now hoping again for more stability," he added.
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