Monday, January 3, 2011
FTSE Gains 9% for 2010; DAX advanced 16%; Ibex35 went down 17%
European stock markets ended a generally solid year on a down note.
Both the U.K. and French markets fell 1.2% in a shortened final session. While the FTSE 100's close of 5899.94 left the U.K. benchmark with a gain of 9% for the year, the CAC 40 fell 3.3% over 2010 to 3804.78.
The German market was closed Friday. The DAX advanced 16% in 2010, benefiting from a remarkable rebound in the country's economy and exports over the course of the year.
The Stoxx 600 Europe shed 0.4% to 275.81, leaving it up 9% for the year. While the index has climbed 40% over the past two years, it remains 32% below its record closing high of 405.50 set more than a decade ago, on March 6, 2000.
Europe's gains for 2010 were helped by solid demand from emerging markets and a quicker-than-expected recovery in the U.S. But worries about the financial health of some of the euro bloc's 16 nations plagued several markets and banks, and will remain a key theme in 2011.
The Ibex 35, went down 17%, while Italy's FTSE MIB fall 13%.In Athens, the ASE lost 0.7% to 1413.9, bringing losses for the year to 35%. Greece was the first euro nation to receive a bailout. Ireland has since followed, and speculation has spread to Portugal and Spain.
For the year, the auto sector was the top performer in the Europe Stoxx 600 index, gaining around 44%, as investors sought stocks directly connected to emerging-markets growth.
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