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Market Update

European Markets Solidly Higher

European markets were higher Thursday a day after the U.S. Federal Reserve said interest rates would remain low for some time.

The FTSE was up 0.9%. The CAC 40 Paris added 1% while the DAX gained 0.9%.

At the conclusion of its two-day policy meeting yesterday in the U.S., the Fed cut its bond purchased by another $10 billion a month and said there was sufficient strength in the economy to continue tapering.

Earlier today, data showed retail sales fell in May in the U.K. Sales were down 0.5% on the month and 3.9% over the year. Data on industrial trends orders is due shortly.

Stocks on the Move

Rolls-Royce was up about 6% in London after the company said it will buy back about a billion pounds worth of company stock and also agreed to sell off energy assets to Siemens.

L’Oreal was up 1.3% after it agreed to acquire Los Angeles-based NYX Cosmetics. Financial terms were not disclosed.

Deutsche Bank was up 0.7% while Daimler extended yesterday’s gains, up a further 1.3%. Volkswagen was up a percent while BMW added 1.2%.