July 25, 2014
European stocks rally on Vienna market
A slump in the shares of Austrian bank Erste hit the Vienna stock market today and halted a rally on the broader European equity market which had hit multi-year highs this week.
Erste dropped by 14 percent after the bank, which is the third-biggest lender in emerging Europe, warned that fresh hits from Romania and Hungary would drive it to a record 2014 loss.
The broader FTSEurofirst 300 index, which had risen for the last three days in a row to hover near 6-1/2 year highs, slipped by 0.1 percent to 1,396.80 points.
Japan's Nikkei share average rose to a 5-1/2-month high today following a much-stronger-than-expected US jobs report, with retail giant Seven & i Holdings Co leading the gains on upbeat earnings.
The Nikkei rose 0.6 percent to 15,437.17 Points, its highest level since Jan. 23. For the week, the benchmark added 2.3 percent.
The broader Topix gained 0.5 percent to 1,285.24, and the new JPX-Nikkei Index 400 advanced 0.5 percent to 1,674.82.
Wall Street remained closed today on the Independence Day holiday.