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European shares rise
Published in Saudi Press Agency on 19 - 03 - 2009


European shares rose by midday
on Thursday as banks, miners and oils rallied on hopes that a
global economic downturn would be shortened by the Federal
Reserve's plans for large scale purchases of government bonds, according to Reuters.
At 1148 GMT, the FTSEurofirst 300 index of top European
shares was up 1.8 percent at 723.35 points, with financials
adding most points to the index, while oils and miners tracked
sharp rises in crude and metals.
The Federal Reserve on Wednesday vowed to pump an additional
$1 trillion into the U.S. economy in an aggressive bid to battle
a deep recession, partly by large-scale buying of Treasuries not
seen since the 1960s.
The European Central Bank, which has lagged its peers in
cutting borrowing costs, said that there was no specific lower
limit for its rates.
Analysts said the Fed move would spark hopes that a global
economic downturn would be shortened, but it was early days.
"This is a big step, but bottoming out is a process -- it's
way too early to say this is the turning point," said Philippe
Gijsels, strategist at Fortis in Brussels.
Banks added most points to the index. BNP Paribas, Banco
Santander, UBS, Barclays, HSBC, Credit Suisse and UniCredit rose
between 4 and 15 percent.
"At the macro level this is more stimulus for the economy,
which is especially good for financials, and the Fed move puts
more pressure on the ECB to cut rates, which will also be a
positive for the sector," said Bernard McAlinden, strategist at
NCB Stockbrokers in Dublin.
Across Europe, Britain's FTSE 100, Germany's DAX and France's
CAC-40 were up between 0.5 and 1.3 percent.


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