2006年8月28日全球金融市場周報 歐洲

　　Europe 歐洲

　　European stock markets were boosted by falling oil prices, stronger than expected domestic economic data and further positive corporate reports. Among the major markets, Germany's DAX was up 3.4%, the French CAC 40 rose 3.0%, the Swiss SPI put on 2.7% and the UK's FTSE 100 was 1.4% higher. A boost to confidence came from strong euro zone GDP data, which showed that the euro zone economy had grown 0.9% over the second quarter - the strongest growth for six years. France and Germany contributed to the strong growth, as the French economy grew at its fastest pace since the fourth quarter of 2000 and the German economy expanded at its fastest pace for five years. Strong economic data did raise some concerns about further increases in interest rates, but a drop in eurozone inflation to 2.4% in July from 2.5% in June was deemed as making it less likely that the European Central Bank would need to raise rates again in the immediate term.

　　In the UK, too, a drop in retail sales in July and more dovish than expected minutes from the Bank of England's latest interest rate setting meeting helped ease worries about further rises in UK rates. On the markets, insurance stocks were boosted by broker upgrades and strong results across the sector, while positive analyst comments and a decrease in investor risk aversion sparked a strong rise in the European technology sector. Auto stocks rose on talk of a possible bid for Volvo, the Swedish car and truck maker, while merger speculation also continued to support the mining sector. The outlook for European equities remains good, thanks to attractive valuations and strong earnings growth, which is being boosted by corporate restructuring and better than expected economic growth.

　　油價下跌、國內經(jīng)濟數(shù)據(jù)較預期強勁，業(yè)績持續(xù)利好，刺激歐洲股市上揚。主要市場當中，德國DAX指數(shù)升3.4%，法國CAC 40指數(shù)升3.0%，瑞士SPI指數(shù)升2.7%，英國富時100指數(shù)則升1.4%。

　　歐元區(qū)本地生產(chǎn)總值數(shù)據(jù)強勁刺激信心，數(shù)據(jù)顯示歐元區(qū)第二季經(jīng)濟增長0.9%，是六年來最強勁的增長，法德兩國居功至偉──法國經(jīng)濟錄得五年半以來最急速的步伐，德國經(jīng)濟的增長則是五年來最快。強勁經(jīng)濟數(shù)據(jù)確實令市場關注息口進一步上升，但歐元區(qū)通脹率由6月份的2.5%降至2.4%，也令市場認為歐洲央行短期內加息需要下降。英國方面，7月份零售銷售額下跌，英倫銀行最新議息紀錄較預期溫和，都有助紓緩有關英國進一步加息的憂慮。

　　市場方面，保險股受經(jīng)紀行調高評級及行內彪炳業(yè)績刺激，分析員評論樂觀及投資者避險心態(tài)下降亦觸發(fā)歐洲科技股急漲。瑞典汽車及貨車制造商富豪(Volvo)傳出涉及收購的消息，汽車股上升，合并傳聞不絕亦為礦務股提供支持。股值吸引，企業(yè)重組刺激盈利強勁增長，加上經(jīng)濟增長勝于預期，歐洲股市后市依然樂觀。

(以上資料全部來源于JF Asset Management)

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