European stocks hold line despite Asian slump

0 Comments | AFP, June, 2008

LONDON (AFP) — European markets held steady on Monday despite a slump in Asia, after a breathtaking surge in oil prices and shock jump in US unemployment sent Wall Street spinning and fanned fears of a US recession.

In Europe, stocks stood firm in the face of a wave of worry in Asia.

The London stock market gained 0.42 percent and French shares added a marginal 0.01 percent, while the German market slipped 0.10 percent.

In London, Hargreaves Lansdown analyst Richard Hunter said: "The initial reaction has been to ignore what happened on Wall Street on Friday."

He said: "On the back of the oil price, the energy shares are looking quite strong, and the mining stocks are also looking strong.

"Adding those two sectors you are looking at about a...