2006年9月29日全球金融市場(chǎng)周報(bào) 歐洲

　　Europe 歐洲

　　Europe's major stock markets had a mixed week. Merger speculation and a pickup in the technology sector contributed to strong gains for the German DAX (+2.5%) and the French CAC 40 (+1.4%), but sharp falls for oil producers and mining stocks helped to keep the UK's FTSE 100 in check (-0.04%). The defensive Swiss SPI (+0.8%) also underperformed other European markets. Takeover speculation was a major boost for the markets, as German truck maker, MAN, confirmed it was considering a bid for Swedish rival, Scania, while in the banking sector ABN Amro was said to be a potential target for Bank of America.

　　In the UK, building materials group, Hanson, was reported as a possible target for Mexican cement maker, Cemex, while in the technology sector European microchip stocks rose on the back of takeover speculation surrounding Infineon, a German semiconductor group. Sentiment was also lifted by a sharp drop in commodity prices, which investors hope will alleviate inflationary pressures and boost corporate margins. Oil prices dropped to their lowest level this year, while metal prices, such as copper and zinc, also experienced heavy falls on the back of evidence of a drop in global demand. However, the weakness in commodity prices was less positive for the UK market, whose heavily-weighted oil and mining stocks struggled throughout the week. UK investors were further hit by worries over a rise in UK inflation during August, which was seen as increasing the likelihood that the Bank of England will raise UK base rates again this year. With Germany inflation data also coming in stronger than expected last month, investors also expect the European Central Bank to continue to raise Eurozone interest rates in the coming months.

　　歐洲主要股市上周表現(xiàn)參差。合并傳聞源源不絕，加上科技股回升，推動(dòng)德國(guó)DAX指數(shù)(+2.5%)和法國(guó)CAC 40指數(shù)(+1.4%)大幅上揚(yáng)，但石油生產(chǎn)商及礦務(wù)股急挫，卻導(dǎo)致英國(guó)富時(shí)100指數(shù)舉步維艱(-0.04%)。具防守性的瑞士SPI指數(shù)(+0.8%)表現(xiàn)亦遜于其它歐洲市場(chǎng)。

　　收購(gòu)傳聞為市場(chǎng)注入動(dòng)力，德國(guó)貨車制造商MAN證實(shí)正考慮瑞典對(duì)手Scania提出的收購(gòu)建議，荷蘭銀行(ABN Amro)則據(jù)說(shuō)是美國(guó)銀行(Bank of America)的目標(biāo)。英國(guó)方面，建材集團(tuán)Hanson被傳可能會(huì)被

　　商品價(jià)格急跌亦刺激投資氣氛，投資者期望可因此而紓緩?fù)�脹壓力及提升企業(yè)毛利。油價(jià)跌至今年最低水平，銅及鋅等金屬價(jià)格亦因全球需求有下跌之勢(shì)而銳挫。不過(guò)，商品價(jià)格疲軟卻不利于英國(guó)市場(chǎng)，當(dāng)?shù)氐闹匕跏�油及礦務(wù)股奮力爭(zhēng)持。8月份英國(guó)通脹上升，令英倫銀行今年內(nèi)再加息機(jī)會(huì)提高，英國(guó)投資者再受打擊。上月德國(guó)通脹數(shù)據(jù)亦較預(yù)期強(qiáng)勁，投資者預(yù)計(jì)歐洲央行會(huì)在未來(lái)數(shù)月內(nèi)繼續(xù)加息。