LONDON (ShareCast) - -Apple results drive tech stocks
-Spanish, Italian bonds rise

FTSE-100: +0.16%
Dax-30: +1.73%
Stoxx 600: +1.08%
Cac-40: +2.02%
Ibex 35: +1.70%
FTSE MIB: +2.91%

European stockmarkets rose as investors absorbed startling earnings results from the world's biggest company, Apple, released after the close yesterday. They also mulled increased demand for the under-pressure bonds of Spain and Italy.

Apples’ earnings in the first quarter were nearly double the level seen at the same point of 2011, giving markets some confidence for the whole tech sector through the rest of 2012.

In other news, the German government sold €2.75bn in bonds with a 32 year maturity missing its €3bn target.

The yield on Spanish, Italian and French 10 year bonds all dropped as investors appeared to be shifting to a stronger “risk on” posture.

COMPANIES

Swedish appliance maker, Electrolux, gained 6.5% after reporting a big rise in first quarter profits.

The under-pressure French banks, Societe Generale (+6.3%), Credit Agricole (+5.9%) and BNP Paribas (5.6%) led the risers in Paris.

Tech stocks Cap Gemini and Alcatel-Lucent also gained, probably benefiting from Apples’ numbers.

The best performing sectors on the benchmark Stoxx Europe 600 were automobiles and parts (+2.86%) and chemicals (+2.46%)

OTHER MARKETS

Front month futures contracts on a barrel of west Texas crude had dropped 0.1% by 17:01 London time to hit $118.04.

The euro had gained 0.05% against the dollar by 17:10 London time to sit at $1.3202.

BS

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