European stocks are moving in a tight range !

European stocks moved in the tight range in early trading yesterday, despite record highs in Asia and the US market. Financial stocks topped losers, while JustEat topped the list of gainers after the company's merger with Hungry House received initial approval.

The STOXX 600 index of European shares rose 0.01 percent in early trade, with the continent's shares generally lacking a clear direction. Spain's Apex and France's CAC 40 fell 0.1 percent, while Germany's DAX and Britain's Financial Times 100 rose slightly.

The shares were the best performer on the European index, up 6.4 percent, leading to a record high after British competition authorities gave preliminary approval for the acquisition of Hungarian House. In Germany, Lufthansa was the top gainer on the leading domestic index, up 2.7 percent after the company confirmed it would sign an agreement to buy stakes in the bankrupt R Berlin.

Japan's Nikkei stock index has hit its highest level in more than two decades, supported by record high US equities, and media speculation that the ruling party is heading for a victory this month. The index rose 0.4 percent to end at 20,954.72 points, after rising to 20,994.40 points, the highest level since December 1996. The broader TOPIX rose 0.2 percent to 1,700.13 points, after touching 1703.67 points, the highest level since July. ). Kobe Steel rose 0.5 percent, after falling more than 35 percent this week after the company was involved in a fraud scandal.

A senior Japanese trade official confirmed yesterday that the Ministry of Commerce is seriously dealing with data fraud for its impact on confidence in the manufacturing sector in Japan. Kobe Steel's chief executive said the company's fraudulent range might well exceed Japan's borders.

Toshiba Corp. rose 3.8 percent after the Tokyo Stock Exchange confirmed it had lifted the troubled electronics company from a private watch list after improved internal controls. The move reduced the possibility of the company's share being written off, but did not completely rule out it.

The oil and coal index fell 1.3 percent, while the mining index fell 1.1 percent. The index rose by 0.25 percent to 1,555.17 points.

US stock indexes rose yesterday to close at record highs, with Wall Street showing little reaction after the release of the minutes of the latest meeting of the Monetary Policy Industry Committee of the Federal Reserve. The Dow Jones industrial average <.DJI> was up 42.21 points, or 0.18 percent, at 22,872.89. The Standard & Poor's 500 Index <.SPX> was up 4.60 points, or 0.18 percent, at 2,555.24. The Nasdaq Composite was up 16.30 points, or 0.25 percent, at 6603.55.

Source

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