Markets at three-week high

Business Update, I'm Matt Cowan in London with the global business headlines on Monday. European markets take their cue from an upbeat session in Asia and have been trading at their highest levels in three weeks. Gains in banks, mining and telecom stocks lead the way, with investors looking at strong mergers and acquisition activity in Europe despite the fact that rates are still on the rise here. Strong metal prices are helping the mining stocks, as lead hit a fresh all time high in early trade, (pause) while copper gained more than 1 percent amid falling stocks and ahead of a strike in Chile.// In corporate news, political tensions inside Airbus parent EADS are back in the news. France is renewing its drive for a simpler structure than the dual French and German system currently in place. But both sides are denying a report which said a a deal had already been struck for German co-chief executive Thomas Enders to be the sole CEO.// And another denial, this time from Italy's Prada. A report in Britain's Sunday Times suggested billionaire entrepreneur Richard Caring was in talks to buy Prada. But the company says that's not true. Private equity groups are also said to be circling Prada and other fashion houses because of the industry's high margins and strong growth.// In economic numbers out on Monday, German industrial output was up slighly more than expected in May, rising 1.9 percent for the month. That offset a fall in April and meant German production was on an upward path again.// Finally, profit taking saw oil prices fall from last week's 11 month highs in the morning session. But the market strengthened later with traders still concerned about US supplies, shipments of Nigerian crude and North Sea maintenance.// That's Business Update, I'm Matt Cowan in London. COMPANIES MENTIONED: EADS, Prada SYMBOLS: EAD.PA

Submission | September 14, 2007

Tags:. .banks. .global. .currently. .richard. .oil