European stocks up in thin trading

Thursday, 27 December 2012

European stocks up in thin trading
Associated Press
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Updated 7:05 am, Thursday, December 27, 2012

MOSCOW (AP) — European stocks edged up on Thursday as traders returned from the Christmas break anticipating progress from budget talks in Washington. Shares in bailed-out bank Bankia plunged 13 percent after officials with the nation's bank bailout fund revealed the nationalized institution had a negative value of €4.2 billion ($5.6 billion). "Trading volumes across all markets will of course remain quite subdued, as most market participants in Europe and the U.S. are on vacation until next Wednesday and those that are at work are decidedly lacking in holiday cheer," Moscow-based investment bank Sberbank CIB said in note to investors. The market was boosted by optimistic data from the U.S. and a statement from the German finance minister Wolfgang Schaeuble who said in an interview that the worst of the debt crisis in the 17 European Union countries that use the euro appears to be over. The country's benchmark index hit its highest level in more than a year on optimism that a new government in Japan will stimulate the country's sluggish economy.

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