European Stocks Higher At Midday

(RTTNews) - European stocks are trading higher on Thursday, with the formation of a new German grand coalition government and encouraging U.S. data underpinning sentiment.

The Asian markets rose broadly after the Dow and S&P 500 hit record closing highs on Wednesday ahead of the Thanksgiving holiday. Japan's Nikkei index climbed 1.8 percent to its highest level in nearly six years, as the yen fell sharply to a six-month low versus the dollar on optimism the world's largest economy is gaining traction despite the recent fortnight long government shutdown.

The Euro Stoxx 50 index of eurozone bluechip stocks is rising 0.4 percent and the Stoxx Europe 50 index, which includes some major U.K. companies, is up 0.3 percent. The key benchmark indexes in Germany, France and the U.K. are up about 0.3 percent each.

Deutsche Bank AG is gaining 1.6 percent in Frankfurt. The lender is in talks with London-based private equity group Permira Advisers LLP to sell its loss making Tilney Investment Management business in the U.K., the Financial Times reported. Commerzbank AG shares are rallying 2.9 percent.

Thomas Cook Group Plc. shares are climbing nearly 13 percent in London after the travel operator increased its new product revenue target for fiscal 2015 to be greater than 700 million pounds, compared to prior target of greater than 500 million pounds.

Shares of Kingfisher Plc. are tumbling 4.8 percent after the home improvement retailer reported a dismal performance in France for the third quarter due to weak consumer confidence.

Peugeot SA shares are climbing 3.1 percent after the car maker's departing Chief Executive Philippe Varin announced he would give up pension benefits worth 21 million euros.

In economic news, the number of unemployed persons in Germany increased for a fourth consecutive month in November to its highest level in two-and-a-half years, amid faltering economic recovery, the latest figures from the Federal Labor Agency showed. The number of unemployed increased by 10,000 persons from a month earlier to 2.985 million.

Eurozone economic confidence continued its upward trend in November, survey results from the European Commission showed. The economic confidence index rose to 98.5 from 97.7 in the previous month.