European Market Updates

European Stocks Rise On Earnings Optimism 

The European markets are rising in afternoon trading Monday, reversing some early losses, on optimism about the earnings reports from the U.S.

Crude for November delivery is adding $0.17 at $81.42 per barrel and gold is sliding $8.4 at $1363.6 a troy ounce.

In economic news, an index measuring the average asking price for a home in the U.K. jumped 3.1% in October month-over-month, following a 1.1% decrease in the previous month, property web site Rightmove said. On an annual basis, asking prices rose 2.9% after collecting 2.6% in September.

The FTSE 100 opened at 5,703 and witnessed some initial weakness as miners fell on news of the failed joint venture between BHP Billiton and Rio Tinto. The index later moved into positive territory. Despite the struggle in early trade, the German DAX, which began trading lower at 6,466, is on the rise. The French CAC 40 opened lower at 3,803. The index has been swinging across either side of the unchanged line.

The FTSE 100 is currently adding 0.29%, the DAX is rising 0.33% and the CAC 40 is gaining 0.14%.

In London, software firm Autonomy is adding 3% and Smith & Nephew is rising 2.8%. Chipmaker ArmHoldings is up 2%.

Oil giant BP is moderately up after announcing the sale of some businesses. Brewer SABMiller rose 0.2% after reporting a marginal rise in first-half lager volume.

Outside the FTSE 100, BlueBay Asset Management is surging about 30% after agreeing to be bought by Royal Bank Of Canada.

Vedanta Resources is leading the decliners by falling 2.2%. Other miners Antofagasta, Kazakhmys, Xstrata, Randgold Resources, Lonmin, Rio Tinto, Fresnillo, Eurasian Natural Resources and BHP Billiton are declining between 2.1% and 1.1%.

Royal Bank of Scotland, Standard Chartered and Barclays are moderately lower. However, Lloyds Banking Group is up 2.2%.

In Germany, airline Lufthansa is gaining 2.6%. Electronics manufacturer Siemens is rising 1.3%. Deutsche Bank is rising 1.3% and Commerzbank is adding 0.5%.

Automakers, BMW, Volkswagen, Daimler and MAN are declining moderately. Among French stocks, department store operator PPR is falling 2.8% and grocery retailer Carrefour is sliding 1.4%.

Among lenders, BNP Paribas is losing 0.8%, while Societe generale and Natixis are modestly down.Credit Agricole is gaining 0.7%.

EADS, the maker of Airbus, is leading the gainers by adding 1.2%. Utilities EDF and Veolia Environnement are moderately declining.

Philips Electronics is falling 4% in Amsterdam after issuing a cautious fourth-quarter revenue outlook.