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Europe gains on Vivendi reports
LONDON, England (CNN) -- European markets held onto their gains Monday, supported by a positive start on Wall Street, after reports that Vivendi Universal was in talks to sell its music business to Apple Computer. London's FTSE 100 rose 1.1 percent to 3,849.4 and the CAC 40 blue chip index in Paris climbed 1.3 percent to 2,874.98, while Frankfurt's electronically traded Xetra Dax was up 1.6 percent to 2,776.73 in late trading (the German market was set to close at 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, added 1 percent. But trading was thin as investors awaited earnings news from the likes of Philips Electronics and Nokia. "First-quarter earnings are expected to be quite poor, with the war in Iraq having an indirect impact on consumer confidence. However corporate outlook statements might point to a gradual pick-up,'' Jason James, a global strategist at HSBC Securities, told Reuters. Vivendi Universal (PEX) rose 4.1 percent to 13.22 euros. The company declined to comment on reports it was in talks to sell Universal Music Group. (Full story) British mobile operator mmO2 (OOM) soared 6.5 percent to 52.44 pence after saying it would sell its Dutch mobile phone business for 25 million euros to investment group Greenfield Capital Partners. (Full story) "The mmO2 deal is a sign that prices have settled down in the telecoms sector and companies are willing to do deals at these levels,'' said HSBC's James. "Prices have come down in the telecoms sector and balance sheets are past their worst.'' German insurer Allianz (FALZ) was up 1.7 percent to 57.90 euros in late Frankfurt trading after the company set the price for its planned share issue at a heavily-discounted 38 euros per share, raising 4.4 billion euros. The AEX index in Amsterdam rose 1 percent and Milan's MIB30 index gained 0.4 percent, while the SMI in Zurich advanced 1 percent. In the U.S. on Monday, stocks were higher in morning trading, led by some positive earnings news, as investors turned much of their focus from the war in Iraq back to domestic issues. At about 1503 GMT, the Dow Jones industrial average was up 83.40 to 8286.81 and the Nasdaq composite rose 13.06 points to 1371.91, while the S&P 500 index added 9 points to 877.30.
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