European close: Dull day sees few changes
02 Sep 2010
Bourses rallied a touch near the close as the ECB upped its growth forecast for the eurozone, but trading was anything but vigorous.
The CAC in Paris rose 7 to 3,631, Zurich added 1 at 6,334 while the Dax in Frankfurt was little changed at 6,083.
ECB president Jean-Claude Trichet revealed the bank now expects growth in 2010 to be in a range of 1.4 to 1.8%, much higher than the previous estimate of between 0.7% to 1.3% made in June. The forecast for 2011 has also been raised to between 0.5% and 2.3% from 0.2% -2.2%. Interest rates, as expected, were kept at 1%.
Earlier, Sweden's central bank increased rates again, the second time in two months. They rose by a quarter point to 0.75% and rate setters warned further rises will be needed to control inflation.
In company news, French Spirits maker Pernod Ricard fell after full year profits missed analysts' expectations. Net income in the year to June 30 edged up to €951m (£788).
Swiss insurer Helvetia is lower after saying first half profit fell to 155.5m francs (£99m)from 158.5m francs a year earlier as investments declined and claims increased.
Norwegian fertilizer group Yara was hit by a downgrade from Morgan Stanley to 'equal-weight' from 'overweight.'
CAC 40 - Risers
EADS (EAD) € 18.36 +2.80%
Credit Agricole (ACA) € 10.54 +1.35%
Vinci (DG) € 36.75 +1.32%
ArcelorMittal SA (MT) € 24.20 +1.21%
CAC 40 - Fallers
Pernod Ricard (RI) € 61.25 -2.37%
Lagardere SCA (MMB) € 28.74 -1.19%
Schneider Electric (SU) € 86.49 -1.09%
Danone (BN) € 43.13 -1.00%
