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Europe shares end sharply higher on recovery hopes
Published in Saudi Press Agency on 07 - 10 - 2009


European shares ended sharply
higher on Tuesday, boosted by financials and oils, as investors
flocked into the market after Australia's move to raise rates
revived expectations of a global economic recovery, according to Reuters.
Record high gold prices and stronger base metals helped
miners to record substantial gains ahead of the U.S. earnings
season, which starts on Wednesday with aluminium giant Alcoa
announcing its financial results.
The FTSEurofirst 300 index of top European shares closed 2.2
percent higher at 992.76 points after rising 0.8 percent on
Monday on stronger-than-expected U.S. service sector data. The
index, which slumped 45 percent last year, is up 19 percent in
2009 and has surged 54 percent since March lows.
Financial stocks were among the top gainers, with Standard
Chartered, HSBC, Barclays, Lloyds, Royal Bank of Scotland, BNP
Paribas, Societe Generale, KBC Groep and Credit Agricole rising
between 1.6 and 15.4 percent.
"Yesterday we saw positive ISM data which came in much
higher than expected and gave some reassurance regarding the
economic recovery, after we had seen some disappointments in
macro figures at the end of last week," said Tammo Greetfeld, an
equity strategist at UniCredit in Munich.
"Australia raising interest rate could mean the authorities
judge the recovery to be stable enough to allow for a lessening
of monetary stimulus."
Australia's central bank raised its key cash rate by 25
basis points to 3.25 percent and heralded more to come, saying
it was safe to row-back on stimulus now that the worst danger
for the economy had passed.
Improved market conditions prompted French bank Societe
Generale to launch a 4.8 billion-euro ($7.0 billion) rights
issue to repay state support and fund takeovers, a week after
BNP Paribas made a similar move to tap its investors for 4.3
billion euros.
Miners surged as spot gold hit a record high above $1,040 an
ounce on a weaker dollar. BHP Billiton, Anglo American,
Antofagasta, Xstrata and Eurasian Natural Resources surged 4.6
to 7.6 percent.
Rio Tinto surged 6.9 percent after Mongolia finally wrapped
up a deal to develop one of the world's biggest untapped copper
and gold deposits, signing off on Rio and Ivanhoe Mines' $3
billion Oyu Tolgoi mine.


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