The European stocks fell for a fifth straight day because of ongoing violence in Lebanon, which sent oil prices to the highest level of 29 months. The pan-European Stoxx Europe 600 index slid 0.6 percent to 280.56 points to its lowest level for that month. The opponents of the regime of Muammar Gaddafi solidified its control over cities in the oil-rich eastern part of the country while he continues to hold Tripoli, using tanks to block roads. The crude oil for delivery in April hit 103.41 dollars – the highest intraday value of 29 September 2008, the New York Mercantile Exchange. The major national indexes fell on 12 of the 18 western European markets. Germany’s DAX slid 0.9 percent to 7 130.50 points, while Britain’s FTSE 100 and France’s CAC 40 fell less than 0.1%. The losses in European markets were offset in part after the initial report on applications for unemployment benefits in the U.S. fell more than expected last week. The shares of Porsche SE fell by 11% after the company announced that its merger with Volkswagen AG will probably be postponed. On the winning side became the third largest French bank – Credit Agricole SA, the loss for the quarter was less than expected thanks to the profits of the division of its investment banking.

The European stocks rose for the fifth consecutive day thanks to some better-than-expected corporate profits, police Bloomberg. The Shares of Ahold chain stores reported the strongest growth since May – with 5 percent after the company announced an increase its dividend by 28 percent. At the opposite pole were shares of shipping company Maersk, which sank 4 percent after the group announced its first annual loss since World War II. Pan-European Stoxx Europe 600 index ended trading with a growth of 0,1 per cent to 252.93 points after a highly volatile session. Growth was limited by the end of the planned report on housing sales in the U.S. unexpectedly fell in January. Major national indexes advanced on 9 of the 18 western European markets. The UK’s FTSE 100 lost 0.1 percent to 5527.16 points while France’s CAC 40 and German DAX retreated with 0.4 per cent respectively to 3828.41 and 5795.32 points.
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