European equity bourses have reversed earlier losses on back of squeeze
higher in mining and oil stocks, amid bargain-hunting and on
speculation commodity prices were due another run
higher after several sessions of losses. However, financial stocks remain under pressure, with HBOS
a leading decliner after it announced poor results from its rights
issue. HBOS reported that it has received valid acceptances in respect
of around 8.29% of the new shares offered
to shareholders pursuant to the 2 for 5 rights issue announced Apr. 29. CAC-40 is up 37pts (+0.8%), Xetra-DAX is up 54pts (+0.7%) and FTSE-100 is up 33pts (+0.6%).