SocGen fails to dent European sentiment
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European equity markets jumped on Thursday after the region's financial stocks shook off news of a massive fraud at French bank Soci&eacute;t&eacute; G&eacute;n&eacute;rale.
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European stocks lost ground on Wednesday as merger speculation surrounding Soci&eacute;t&eacute; G&eacute;n&eacute;rale failed to offset more subprime writedowns by two leading European banks and nervousness ahead of a US interest rate decision.
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The European banking sector continued to be hammered on Monday. Shares in French, German and Swiss banks were the hardest hit, but even Spanish and Italian institutions with minimal US subprime exposure could not escape.
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European stock markets were subdued in early deals as a lacklustre performance on Wall Street weighed against a modest fall in oil prices and some positive company news.
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French Economy Minister Christine Lagarde said on Monday that Societe Generale, hit by $7 billion in losses from rogue trades, was not under any pressure to merge with another bank.
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The FTSE 100 on Thursday shrugged off news of a EU5bn fraud at Soci&eacute;t&eacute; G&eacute;n&eacute;rale to move sharply higher.
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European shares held steady just below 2-1/2 year highs on Thursday with dealers reluctant to make any big bets on the last full day of trading before the Christmas holiday season.
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European equities had a mixed performance on Friday as investors continued to recoil from financial stocks and other risky bets in the wake of US subprime writedowns this week.
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European shares clung to 2-1/2 year  highs in lackluster trading on Thursday, while Swiss Re rallied  on news its likely pay-out in the wake of Asia's tsunami  tragedy will be less than 100 million Swiss francs ($88.3  million).
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Strength in European equity markets Thursday was underpinned by steadying bond yields, prompting a banking sector rally and lifting capital goods groups that had retreated over recent sessions.
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French bank BNP Paribas revealed Thursday it had its eye on crisis-hit Societe Generale, while voices in the European Union were raised against France for vowing to ward off hostile bids.
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European share indexes were slightly ahead by late morning on Tuesday, with gainers led by Credit Suisse after the bank set ambitious earnings targets and as a survey showed a pick-up in German investor confidence this month.
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European stock markets ended the day roughly where they began as investors balanced news of unexpected banking losses at Credit Suisse (NYSE:CS) against better results from Barclays (NYSE:BCS).
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A deeply discounted $8 billion rights issue from Societe Generale, seen in part as a bid by the scandal-hit French bank to remain independent, has not convinced analysts that it will deter predators.
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The European Central Bank has left interest rates unchanged, playing down fears of a stumbling economic recovery and expressing confidence that
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European equities were little changed on Friday, coming off intraday gains as Wall Street indices lost momentum.
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French retailer Carrefour and chip  groups helped European shares hold their ground on Wednesday,  and merger moves in the construction sector lent support.