Euroshares open up after Asia recovery, DaimlerChrysler up on spin off hopes

Euroshares open up after Asia recovery, DaimlerChrysler up on spin off hopes

	Published : Tue, 06 Mar 2007 10:18 By : Agencies Print this Story

LONDON (AFX) - Leading European exchanges are expected to open higher this morning, with last night's weakness by Wall Street countered by a strong recovery across Asian markets, with all eyes on yet more full year earnings reports, dealers said.

At 08.47, the STOXX 50 was up 12.74 points at 3593.26 and the STOXX 600 was up 1.16 points at 357.56.

Asian markets were higher in midday trade on a technical rebound, with Tokyo leading the way after the dollar stabilised against the yen amid easing yen carry trades, traders said.

The Nikkei 225 began its afternoon session 213.87 points higher at 16,856.12, while the Hang Seng was 295.54 points higher at 18,960.42 by midday.

The FTSE Xinhua China 25 index meanwhile climbed 361.73 points to 14,326.86.

Oil prices also steadied in Asian trading, hours after a hefty fall in the US overnight, but dealers said market sentiment remained weak because of the turmoil in the equity markets.

Light sweet crude for delivery in April was up 0.07 usd at 60.14 usd a barrel, from 60.07 usd in late trading in the US.

On Wall Street, US stocks finished near day-lows, amid continuing concerns about a strengthening yen and tumbling stock markets abroad.

The DJIA finished 63.69 points lower at 12,050.41, while the Nasdaq fell 27.32 to 2,340.68.

Back in Europe, DaimlerChrysler added 1.57 pct as hopes of restructuring moves continue apace.

'There's talk the carmaker may divest its Chrysler Financial auto

loan and leasing unit if Chrysler is sold or spun off,' one dealer said.

Novartis stormed 3.22 pct after the US Food and Drug Administration gave its green light to Tekturna, making the US the first country to approve the first new type of blood-pressure medicine in more than a decade.

'Tekturna has vast potential, being the first drug of a new class addressing a condition which affects nearly 1 bln people worldwide,' he said.

deborah.hyde@afxnews.com

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