European stocks mixed

LONDON: European stock markets were mixed on Tuesday, with mining, energy and bank share prices robust in London and German industrial group Siemens lagging in Frankfurt after a disappointing trading update.

London's benchmark FTSE 100 index of top shares was up 0.29 percent to 5,738.93 points in midday trade as data confirmed Britain's economy grew 0.5 percent in the first quarter compared with the final quarter of last year.

Frankfurt's DAX 30 dipped 0.18 percent to 7,096.50 points as Siemens shed 3.82 percent to 89.24 euros after the company gave a cautious forecast for orders.

In Paris, the CAC 40 index advanced 0.49 percent to 3,814.12, while the Stoxx 50 index of leading eurozone companies slipped 0.09 percent to 2,721.66 points.

"Gains in the price of copper and crude oil helped to provide a second day of gains for (London), with investors buying into the heavyweight mining and energy stocks," said Giles Watts, head of equities at City Index traders.

Miner Anglo American gained 1.47 percent to 2,925 pence and Cairn Energy climbed 1.15 percent to 388 pence.

Asia-focused bank Standard Chartered rose 2.0 percent to 1,571 pence after it said it expected double-digit growth in pre-tax profit for the first six months of 2011.

Banks were also boosted by growing optimism that European officials are close to a plan to help Athens solve its debt crisis, although fears over a Greek general strike weighed on sentiment.

The Greek parliament this week votes on a batch of austerity measures that key lenders say is necessary for the release of much-needed funds to help the country avoid defaulting on its debts.

Many fear that a default in Greece could lead to similar problems in other eurozone economies and potentially cause another global financial crisis.

Concerns eased on reports that banks and EU officials were close to a "Plan B" where the banks would roll over a huge portion of Greek debt into new 30-year bonds, giving Athens some breathing space.

Asian stock markets were firmer, with Tokyo up 0.74 percent on Tuesday while Sydney gained 0.21 percent.

US stocks rallied on Monday as investors welcomed encouraging news from Europe on progress toward staving off a potentially destabilizing default by Athens.

The Dow Jones Industrial Average rose 0.91 percent to close at 12,043.56 points.

Copyright AFP (Agence France-Presse), 2011