European Stocks Mostly Up, AT&T Wireless Services Being Hunted

Strategic Insights -

European stocks were mostly up on Monday, with significant gains in Frankfurt and Paris, despite a decline in the London market due to the intense competition for AT&T Wireless Services. The situation remains fluid as negotiations for the purchase of the service continue, with potential offers ranging from $35 billion to $38 billion. In currency trading, the euro slightly increased, while the pound remained almost flat.

Key Takeaways:

  • The FTSE 100 index in London fell by 3.90, or 0.09 percent, to 4,408.10, while the DAX 30 in Frankfurt rose by 13.41, or 0.33 percent, to 4,070.46.
  • Cingular Wireless and Vodafone both raised their offers to buy AT&T Wireless Services, with new bids potentially increasing the value to $38 billion.
  • The euro slightly increased at $1.2742, compared to $1.2739, while the pound was almost flat at $1.8843, compared to $1.8844.
  • There are 23.6 million people who are not counted in the monthly government unemployment rate and will not be until they seek employment.
  • Returning 15 percent of these individuals to the job market could elevate the current 5.6 percent national unemployment rate to 7.9 percent.

Statistics:

  • The FTSE 100 index in London fell by 3.90, or 0.09 percent, to 4,408.10.
  • The DAX 30 in Frankfurt rose by 13.41, or 0.33 percent, to 4,070.46.
  • Cingular Wireless and Vodafone's new bids could potentially increase the value of the offers to $38 billion.
  • There are 23.6 million people who are not counted in the monthly government unemployment rate.

Sources:

  • UPI, U.S. unemployment may rise (Feb. 16)
  • UPI, European stocks mostly up (Feb. 16)
  • Wall Street Journal, AT&T Wireless Services sale (Sunday)
  • San Jose Mercury News, Intel to unveil new processor (Feb. 16)
  • BeverageWorld, Coca-Cola to sell beer-flavored drink (Feb. 16)