The European indexes rose Thursday in anticipation of the extraordinary meeting of central bank governors and finance ministers of the G-7 in conjunction with the nuclear crisis in Japan. Stoxx Europe 600 is increased to 1.76 percent to 267 points after Wednesday closed at its lowest level for the year because of concerns about the situation in Japan and lowering the credit rating of Portugal. On Wednesday, indexes in Frankfurt, Paris and London also fell to their lowest levels for 2011. The shares of Siemens AG rose above 4% after UniCredit raised the rating of the company. The European markets were also supported by a strong start on Wall Street after the announcement of the better weekly data on unemployment in the U.S. and growth of consumer prices for February. The attention of investors in the U.S. and Europe remained transfixed on the development of nuclear crisis in Japan. The financial leaders of the G-7 will talk later today to discuss the situation around the nuclear power plant in the breakdown Fukoshima.
“The European indexes doing drunk to recover losses from the last 6 days, supported by the G-7, which will discuss measures to calm the market,” said Stephen Pope, director of Spotlight Ideas.
“I do not accept that what last Thursday were good companies with sound prospects suddenly do not cost a penny,” he said.
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The International credit rating agency Standard and Poor’s announced that it confirms the long-term rating of A European banking group UniCredit Group. Short-term rates e A-1, a stable outlook, the bank said. The decision of Standard and Poor’s follows the disclosure of UniCredit’s intention to further strengthen its capital position by increasing its capital by 4 billion. The Board of Directors of the Bank adopted a proposal for a capital increase by issuing new ordinary shares. Thus, the group’s capital base will grow by an additional 80 basis points. At the end of June 2009 the index Core Tier 1 is 6.85%. With the capital increase UniCredit aims to continue its support for countries in which it works and to develop lending to small and medium-sized businesses, individual customers and households, says the message.
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