European stock markets closed slightly firmer on Thursday but showed little conviction as investors waited for quarterly results from US chip giant Intel to offer some cheer, dealers said. They said the focus remained on US company results in the hope they will justify the run-up in stocks last year and lay the basis for further gains.
The European Central Bank left its key interest rate unchanged at a record low 1.0 percent, as expected, and had little very new to say on the economic outlook, they added. In London, the FTSE 100 index of leading shares was up 0.45 percent to 5,498.20 points. In Paris, the CAC 40 rose 0.37 percent to 4,015.77 points while in Frankfurt, the DAX added 0.43 percent to 5,988.88 points.
David Jones of IG Index said London appeared to have steadied following recent weakness and should be able to chalk up gains, if at a slow pace, over the balance of the month. Jones noted that positive comment from giant miner Rio Tinto helped its peers too, providing support.
In Paris, Jean-Bernard Parenti of SwissLife Gestion Privee "said the market was looking for direction, trading around the 4,000 points level (on the CAC 40) ahead of company results." "Investors are going to be looking for those companies that can report results in line with forecasts and give solid guidance for their business going forward," Parenti said.
The ECB decision reinforced the view that interest rates will remain low for some time to come and this helped equities, he added. In New York, shares were also slightly firmer in choppy trade after weaker-than-expected retail sales and new jobless claims figures gave pause for thought ahead of key earnings reports. Elsewhere in Europe, Amsterdam added 0.72 percent, Brussels slipped 0.15 percent, Madrid gained 0.35 percent, Milan rose 0.62 percent and Swiss stocks jumped 1.11 percent.
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