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European shares close higher; U.S. data boosts
Published in Saudi Press Agency on 29 - 01 - 2010

European shares rose today, boosted by stronger-than-expected U.S. economic growth, but also notched up their biggest monthly loss since February 2009 on worries over Greece's deficit, and curbs on banks, according to Reuters.
The FTSEurofirst 300 index of top European shares rose 1 percent to close at 1,011.89 points, its biggest one-day gain since Jan 4.
Over January, it fell 3.2 percent, its worst monthly performance since February 2009.
"There's good macro news coming out of the U.S.," said Franz Wenzel, strategist at AXA Investment Managers, in Paris.
"We're also strongly convinced the market will focus on the top line growth coming through in earnings. But it may take time for the market to push higher. Confidence has been heavily undermined, with the bad news from Greece."
Banks were among the top gainers, with DJ STOXX European banking index rising 1.8 percent after falling in the past two days partly on concerns about Greece's fiscal health.
U.S. President Barack Obama's plans to curb banks' risk-taking has also hurt the sector over the month.
On Friday, BNP Paribas, Banco Santander, Barclays, Deutsche Bank, HSBC and UniCredit ended the day between 1.4 and 4 percent higher.
Greek bank shares, major losers in recent days on worries about borrowing costs, gained. National Bank and Alpha Bank rose 5 and 8.8 percent respectively.
Greek and European Union officials closed ranks on Friday, insisting there was no chance of a Greek default or an EU bailout and that Athens would do whatever it takes to cut its burgeoning deficit.
The U.S. economy, the world's biggest, grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the fastest for more than six years, as businesses reduced inventories less aggressively, the Commerce Department said on Friday.
Forecasts in a Reuters survey had put the growth rate at 4.6 percent.
The upbeat mood was further reinforced by data from the Institute for Supply Management-Chicago, showing business growth, and the Reuters/University of Michigan Surveys of Consumers' survey.
Across Europe, Britain's FTSE 100 index, Germany's DAX and France's CAC 40 ended the day between 0.8 and 1.4 percent higher.
Wall Street was higher around the time European bourses were closing. The Dow Jones, S&P 500 and Nasdaq Composite were up between 0.2 and 0.7 percent, having pared gains from earlier.


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