In the European markets stocks rose , fuelling speculation that the worst of the global recession could be over.
Earnings from chemical groups BASF and AstraZeneca beat analysts estimates. BG group, the UK’s third largest natural gas producer, increased for a second day. British Sky Broadcasting saw shares rise, on news that operating profits and sales have climbed. Companies including German electrical group Siemens reported better than expected earnings. On the minus side, stocks fell for the world’s largest mobile phone maker Ericsson. Overall, retail sales in Europe declined the least for 11 months in April, helped by improved consumer confidence from government stimulus packages.