Surprisingly strong U.S. employment figures breathed life back into a jaded recovery story Friday, sending European shares higher with German software firm SAP leading a tech charge
Published:
4 October 2003 y., Saturday
SAP rallied eight percent to 114.3 euros after U.S. rival Siebel said it would meet quarterly profit forecasts, though revenues would be at the lower end of expectations.
Broker upgrades lifted three of Europe's leading technology firms, with handset giant Nokia of Finland up five percent at 14.5 euros, while Dutch chip equipment maker ASML jumped 10 percent to 12.8 euros. Philips Electronics advanced four percent to 21.3 euros.
Insurers were strong, led higher by Dutch Aegon after UBS bank raised its rating on the stock, along with that of Italy's Generali, which also climbed.
Bourses extended their advance in the early afternoon on news U.S. employers added 57,000 new jobs in September for the first time in eight months, when a 30,000 job loss was expected. The unemployment rate held steady at 6.1 percent.
The news reassured investors that economic recovery is finally creating new jobs so that consumers, which represent two-thirds of U.S. economic activity, are able to keep spending.
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