With Commodity Stocks, European Shares Also Turn Positive
Following a sell-off last week, commodity stocks have extended gains from tracking base, previous session and precious metal prices higher. This has further led to a positive changeover in the European shares on Monday.
Initially, the pan-European FTSEurofirst 300 index was as low as 1,140.14, but by 0751 GMT, it was raise by 0.1% reaching 1,145.93 points.
Among so many worries about the sovereign debt, US markets trimmed gains into the close on Friday. Following this, on Monday, European stocks are expected to open with lower prices.
According to Capital Spreads, London's FTSE 100 index is expected to open 31 points lower at 5946. At the same time, Germany's DAX index is expected to open at 7441 which means 51 points down and Paris's CAC-40 index with 33 points lower at 4025.
According to statement made by Michael Hewson at the CMC Markets, "What Friday's reports have done is put the thorny subject of sovereign debt restructurings back at the top of the political agenda and the economic agenda. It certainly has shaken the complacency of investors who seem to think that any type of restructuring is unlikely, despite the fact that two-year Greek yields tell a different story".
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