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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (19501)	12/24/2004 5:26:04 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Eurostocks End at 2-1/2 Year Highs Fri Dec 24, 2004 12:58 PM ET By Anshuman Daga LONDON (Reuters) - European shares closed at 2-1/2 year highs Friday in the truncated final session before Christmas, led by gains in oil stocks such as BP. Standout gainers included troubled British contracting firm Jarvis, up 21 percent after it staved off financial collapse when it sold its 33 percent stake in London's underground rail network to Spain's Ferrovial. By 1330 GMT, the FTSEurofirst index of pan-European blue chips was unofficially closed at 1,042.19 points, just 0.05 percent up on the day, but at closing levels last seen in July 2002. "This is the time of the year when markets, if they do tend to move, then go up. Valuations for most markets, certainly for the UK and Europe, are still very attractive," said Mike Lenhoff, chief strategist at wealth manager Brewin Dolphin Securities. A holiday in many stock markets hit volumes, amid little corporate news flow. London markets closed at 1230 GMT while Euronext exchanges in Paris, Brussels, Amsterdam and Lisbon shut at 1300 GMT. Other markets were closed. The FTSE 100 index in London rose 0.22 percent and the Paris CAC-40 edged up 0.08 percent. U.S. markets were closed for the Christmas holiday. Market activity is expected to remain light next week in the run-up to the New Year. The London Stock Exchange is closed on Monday and Tuesday. Markets have a truncated session Friday. European stocks have had a boost in recent weeks from a late burst of takeover activity this year and a strong performance on Wall Street. Thursday, U.S. stocks rose for the third day in a row, with the Dow Jones industrial average and the S&P 500 index hitting fresh 3-1/2 year highs. Friday, oil stocks such as Total and Shell were slightly higher. NYMEX crude prices ended steady at $44.18 a barrel on Thursday after falling three percent in the previous session. London Brent was lower Friday. The euro stayed in the spotlight and hit record highs for the second session, boosted in thin trade by worries about the U.S. current account deficit. The euro is up more than 7 percent against the dollar so far in 2004 and has hit auto stocks. The export-led sector has been one of the worst underperformers and is flat so far this year. French car parts maker Valeo eased 0.78 percent Friday. Shares in Dutch telecoms firm Versatel put on 0.94 percent as it said it was willing to enter into cooperation talks with its major shareholder John de Mol. © Reuters 2004. All Rights Reserved. reuters.com