1 Aug 2009

Europe shares gain for third week

6:01 am on 1 August 2009

European stocks closed lower on Friday after downbeat economic data from the United States, but rose overall for the third consecutive week.

The US Commerce Department said GDP contracted at an annualised rate of 1% in the second quarter and consumer spending had fallen.

The FTSEurofirst 300 index of top European shares fell 0.2% to close at 928.78 points.

Over the week the index gained 2.4% and rose 9.2% in the month of July.

In Frankfurt, the DAX index ended at 5,332.14 points, down 28.52 or 0.53%.

In Paris, the CAC-40 index closed at 3,426.27 points, down 9.22 or 0.27%. The Swiss market index closed at 5,950.69 points, up 18.07 or 0.3%.

In London, the FTSE 100 closed at 4,608.36 points, down 23.25 or 0.5%.

All indexes were up for the week.

Other markets

In Tokyo, the Nikkei gained 191.62 points, 1.9%, to 10,356.83 - its highest finish since 6 October.

In Hong Kong the Hang Seng Index finished up 339.25 points, 1.7%, at 20,573.33 - for a fifth consecutive month of gains.

In Australia, the S&P/ASX 200 index rose by 53.5 points, 1.3%, to 4,244.0 - its highest close since 5 November. Stocks rose 7.3% in July.

In New Zealand, the NZX 50 index finished up 22 points to close at 3016 on a turnover of $97 million.

The dollar was trading at 65.73 US cents, 79.24 Australian cents, 39.75 pence, 62.71 yen and 0.4655 euro. The Trade Weighted Index was at 61.48.