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Business

Euro Stocks Up on Hopes of Early Elections

European stock markets rose in early afternoon dealing on Friday, with Frankfurt shares lifted by hopes of a change of government in Germany after Chancellor Gerhard Schröder lost his vote of confidence, dealers said. Meanwhile, takeover news in the European drinks sector helped offset news that the US Federal Reserve was likely to raise rates further still. The London FTSE 100 index gained 0.66 percent to 5,146.90 points, the Frankfurt DAX 30 added 0.48 percent to 4,608.26 points and in Paris the CAC 40 won 0.41 percent to 4,246.65. The DJ Euro Stoxx 50 index of leading euro-zone shares increased 0.33 percent to 3,191.95 points. The euro stood at 1.2086 dollars. Frankfurt stocks were boosted after Schröder lost a parliamentary confidence vote he engineered Friday, raising the prospect of early elections and a widely predicted change in government. "Hopes of a conservative election victory in the autumn amid Schröder's vote of no confidence is boosting sentiment today, especially towards utilities," one dealer said.

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