European markets: Ireland applies for rescue package, Euro strengthens versus US Dollar

European markets: Ireland applies for rescue package

, Euro strengthens versus US Dollar

European stock markets reacted positively as Ireland applied for a rescue package, but previous gains were skinned back as the market waited for more details of the plan.

Ireland became the second eurozone nation to receive a bail out loan to stabilize state finances, preserve the economic continuity and support a sharply declining banking sector.

On Monday Nov 22, 2010 at 6:31 AM EST, European stock markets remained mixed. The DAX indexadvanced +18.43 points or +0.27% to 6,861.98.

The FTSE 100 index declined -13.08 points or -0.23% to 5,719.75 while the CAC 40 index also dropped -2.86 points or -0.07% to 3,857.30.

U.S. auto maker General Motor announced at the last trading session that it has started production on its first Baojun passenger vehicle in southern China.

Rolls-Royce has secured a $1.8 billion contract from Air China to supply and service 20 aircraft engines.

Theeuroremained mixed versus the major currencies, but strengthened against the greenback and yen for a fourth consecutive day as Ireland secured the position of Irish banks in the region's debt markets.

Euro Exchange Rates

1 Euro is equal to 1.3742 US Dollar, the Euro advanced +0.512%.

1 Euro is equal to 114.6910 British Pound, the Euro advanced +0.464%.

1 Euro is equal to 1.3580 Swiss Franc, the Euro declined -0.175%.

1 Euro is equal to 1.3832 Australian dollars, the Euro declined -0.288%.

1 Euro is equal to 1.3916 Canadian dollars, the Euro declined -0.031%%.

1 Euro is equal to 62.3200 Indian Rupee, the Euro advanced +0.734%.

On the New York Mercantile Exchange, light sweet crude oil for January 2011 delivery advanced +0.76% to close at $82.74 per barrel after touching a day high of $82.87 per barrel.

Brent crude for January 2011 delivery is currently $83.51 per barrel on the ICE futures exchange in London.

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