Europe Stocks Finish Mixed
European stock markets finished mixed on Tuesday.
London's FTSE 100 index was off 12.7 points, or 0.24%, to 5,201.5 on profit taking.
Among stocks on the move, Matalan rose on speculation Wal-Mart might make a bid for the company. SABMiller rose after agreeing to pay the Santo Domingo family $3.5 billion in stock to take control of Bavaria, Latin America's second biggest beer company. ARM Holdings fell after cutting its growth forecast. Invensys rose after the company sold its Lamda power-supplies unit to TDK Corp. of Japan for $235 million. Arriva rose after ABN Amro raised its rating on the stock to hold from reduce.
Germany's DAX index rose 50.97 points, or 1.08%, to 4,770.54 following a report investor confidence in Germany rose to a 10-month high in July as the euro's decline helped exporters.
Sued-Chemie rose after JP Morgan Chase's One Equity Partners offered 35 euros a share to increase its stake in the company. Ruecker rose after the company said it had a first-half profit compared with a loss a year earlier as sales climbed 11%. Munich Re rose after the company reiterated its goal of lifting return on equity to 12%t this year. SAP rose in reaction to IBM's strong earnings report. Premierer rose on news the company plans to start a betting channel with Canadian horse racetrack operator Magna Entertainment.
In Paris, the CAC 40 index rose 60.78 points, or 1.39%, to 4,424.25.
Danone rose amid speculation PepsiCo will make a takeover offer; legislators complaining about the deal. Faiveley rose after reporting first quarter sales rose 3.8%. Le Public Systeme rose after revealing it had bought the Marketing Channel. Sanofi-Aventis fell after the comnpany said second-quarter revenue growth slowed.
Asian markets closed slightly higher on Tuesday. In Japan, the Nikkei 225 index edged up 6.16 points, or 0.05%, to 11,764.84 as market participants awaited June quarter earnings from U.S. chip bellwether Intel today.
Banks fell after the Nihon Keizai newspaper said Mitsubishi Tokyo Financial Group and UFJ Holdings may delay merging some of their banking units until next year.
In Hong Kong, the Hang Seng index closed marginally higher at 14,567.74. Gains in telecommunications names China Mobile and China Unicom kept the Hang Seng index positive, but the broader market showed weakness, reports Standard & Poor's MarketScope.