A mixed start to the week for European shares, major mining stocks declining and French supermarket operator Casino also weighing on the region's stock markets. But, as Grace Pascoe reports, Germany's DAX jumped back over the psychologically-important 10,000 point marker.
Shares were in and out of negative territory in European markets, after a poor start. Weaker metal prices initially pushing major mining stocks down. And French retailer Casino also weighing after a demotion to junk status by S&P. Even as news of CEO Henri de Castries' departure brought some cheer to AXA - the move seen as a plus for the insurer's strategic plan. And there was optimism as Germany's DAX jumped back over the 10,000 points. (SOUNDBITE) (German) BAADER BANK HEAD OF CAPITAL MARKETS ANALYSIS, ROBERT HALVER, SAYING: "Oil prices are going up, that ensures that crude-producing countries will have more money to purchase from us. And China is stabilising, that's evident from the stock market there." The world's largest seed producer, Bayer also boosted the DAX with shares hitting a two-month high on possible Monsanto interest in its crop science unit. Even so, some economists were urging caution on what lies ahead for markets. (SOUNDBITE) (English) CHARLES STANLEY, CHIEF ECONOMIST, JEREMY BATSTONE-CARR, SAYING: "From a macro strategy perspective I think the outlook for the forthcoming earnings season is diabolical... Despite all the policy that has been ploughed in to try and improve the lot of the global economy and the corporate sector it is just not working." And JP Morgan have cut euro zone equities to "neutral" from "overweight" Citing headwinds on the region's stock markets from a weakening in the U.S dollar.