European, US stocks up despite Crimea vote

LONDON: European and US stock markets shrugged off Monday Crimea’s decision to join Russia, focusing instead on some positive corporate news, dealers said.
London’s benchmark FTSE 100 advanced 0.38 per cent to 6,552.45 points, bolstered by news that British mobile phone giant Vodafone had sealed a 7.2-billion-euro takeover of Spanish cable company Ono.
Elsewhere in Europe, Germany’s DAX 30 climbed 0.65 per cent to 9,115.52 points and the CAC 40 in Paris added 0.91 per cent to 4,254.86 points.
“European equities have largely shrugged off the Crimean referendum news over the weekend with the help of some positive company news flow,” said CMC Markets trader Nicholas Dale-Lace.
Taking its lead from the European markets, the Dow Jones Industrial Average jumped by 1.0 percent to 16,230.50 points at the open.
Vodafone was the most heavily traded stock on the London market, jumping 1.44 percent to 225.35 pence after it announced a major acquisition in the Spanish market that won widespread market approval.
In Paris meanwhile, French bank Societe Generale saw its share price slip 0.34 percent to 43.9 euros despite news of a major divestment.
Singapore’s DBS Bank said Monday it had agreed to buy Societe Generale’s Asian private banking business in a deal worth $220 million.
The currency markets were also stable. The euro rose to $1.3924 from $1.3909 late on Friday in New York.
The US dollar rose to 101.85 yen, from 101.33.
The gold price also dropped to $1,377.78 per ounce, from $1,385, after having risen as high as $1,392.22 in Asian trading.
Asia shares had earlier closed mixed, with Tokyo down 0.35 percent but Chinese stocks finished the session 0.96 per cent higher.