European shares rise early, miners advance
Thursday, 26 November 2009
FRANKFURT, Nov 25 (Reuters): European shares rose early Wednesday after losses in the previous session, as a revised US growth forecast for 2010 by the Federal Reserve boosted stocks, with miners featuring among the top gainers.
At 0819 GMT, the FTSEurofirst 300 index of top European shares was up one per cent at 1,026.78 points.
The benchmark is still up about 59 per cent from its lifetime low of March 9, and has gained 23.3 per cent year-to-date.
Data from Tuesday showed that the US economy grew at a slower-than-expected pace in the third quarter, but the Federal Reserve revised upwards its growth estimate for 2010, offsetting the negative news.
"Good macro news will always serve as a justification for a rise in the markets," said Giuseppe-Guido Amato, strategist at German brokerage Lang & Schwarz. Mining stocks were up, with the DJ STOXX European Basic Resources Index .SXPP as the main sectoral gainer, while Anglo American and BHP Billiton were up 2.6 per cent and 2.1 per cent respectively.
Later in the day, investors await a slew of US macroeconomic data, including consumption, home sales and jobless claims.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC-40 were higher between 0.7 and 0.9 per cent.
At 0819 GMT, the FTSEurofirst 300 index of top European shares was up one per cent at 1,026.78 points.
The benchmark is still up about 59 per cent from its lifetime low of March 9, and has gained 23.3 per cent year-to-date.
Data from Tuesday showed that the US economy grew at a slower-than-expected pace in the third quarter, but the Federal Reserve revised upwards its growth estimate for 2010, offsetting the negative news.
"Good macro news will always serve as a justification for a rise in the markets," said Giuseppe-Guido Amato, strategist at German brokerage Lang & Schwarz. Mining stocks were up, with the DJ STOXX European Basic Resources Index .SXPP as the main sectoral gainer, while Anglo American and BHP Billiton were up 2.6 per cent and 2.1 per cent respectively.
Later in the day, investors await a slew of US macroeconomic data, including consumption, home sales and jobless claims.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC-40 were higher between 0.7 and 0.9 per cent.