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European Markets End Higher

Canadian stocks lost their early gains Monday to close in the red. There were no Canadian data releases Monday; on Tuesday, the release of May IPPI and RMPI data will be overshadowed by the election results and Wednesday's FOMC announcement. The benchmark S&P/TSX composite index lost 28.9 points, or 0.34%, to 8,468.87.

European stock markets closed higher on Monday. London's FTSE 100 index was up 24.60 points, or 0.55%, to 4,518.70 following Allied sovereignty turnover in Iraq two days early. Abbey National was up on takeover speculation.

Germany's DAX index rose 56 points, or 1.40%, to 4,069.35 as GfK research reported German consumer confidence edged up to 5 from in June from 4.8 in May. Some investors were encouraged by sovereignty turnover news from Iraq and the end of the Norwegian oil strike. Bayer, BASF, Lufthansa, and TUI were higher on the oil news. Allianz was higher as the value of its stock investments rose. Munich Re was higher, as was Siemens, after it won a $560 million Australian power plant contract.

In Paris, the CAC 40 index added 29.20 points, or 0.78%, to 3,771.58. Arcelor was lower after saying it would pay $578.5 million to acquire a 61.77% controlling stake in Brazil's steel group CST. Altran was lower although its founders deny an Investir magazine's article saying they plan to sell their stakes in the group.

Asian markets finished higher on Monday. In Japan, the Nikkei index gained 103.66 points, or 0.88%, to close at 11,884.06, but trading was thin as institutional investors stayed sidelined ahead of the key quarterly Bank of Japan survey due out later this week. Shares of Mazda Motor surged nearly 5% after the Nihon Keizai reported that it planned to invest 5 billion yen to boost output of 1.8 liter and 2.3 liter engines used in the popular Atenza sports sedan and Axela sports compact. Japan Petroleum shares plunged over 10% after reports said INPEX, in which Japan Petroleum owns shares, postponed its planned US$1.4 billion IPO expected in July.

In Hong Kong, the Hang Seng index rose 9.08 points, or 0.07%, to close at 12,194.60 index, with index heavyweights such as China Mobile and Hutchison Whampoa trading lower.

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