Awwal 23, 1432 / April 27, 2011, SPA -- Strong corporate earnings in the technology and auto sector pushed up European shares on Wednesday, helped by anticipation that the U.S. will confirm its loose monetary policy later in the day, according to Reuters. U.S. Federal Reserve Chairman Ben Bernanke is set to indicate a patient approach to withdrawing the central bank's ultra-loose policy when he gives a news conference at 1815 GMT after a policy announcement at 1630 GMT, in a move likely to fuel medium-term appetite for risky assets The pan-European FTSEurofirst 300 index of top shares closed 0.3 percent higher at 1,147.24 points, its highest close since early March, though volumes were below its 90-day average. Wider gains on the index, however, tempered by persistent fears that highly indebted Greece will need to restructure its debt, pushed Greek government bond yields to euro lifetime high and hit its banking shares which shed 3.6 percent. In a positive trend for equities, the Euro STOXX 50, the euro zone's blue chip index, held significantly above its 50-day moving average of 2,931.62, and analysts said the bullish trend remained intact for now. "The short-term upward bias for equities remains up, confirming the current risk-on situation on the financial markets," said Roelof-Jan Van den Akker, senior technical analyst at ING. "A close above the previous highs around 2,992 opens the way for a test of the longer-term crucial resistance in the line chart around the 3,100 level," he said, adding that a close above 3,100 would prompt a longer-term "buy" signal. The index closed 0.8 percent higher at 1,977.59 points.
