The European trading day drew to a close Wednesday with both national share markets and the euro managing to chalk up meagre gains, according to dpa. After edging down in the wake of the news that the Greek government had survived a late-night parliamentary vote of confidence, the euro finished the day nudging up by 0.2 per cent to 1.4434 dollars. Earlier in the day, shares rose across Asia as investors breathed a sigh of relief, after the vote meant Greece could step back from the threat of default. However, European stocks were initially dragged down by a profit warning from Dutch-based Royal Philips Electronics with many leading stocks beset by profit taking. After reporting its largest gain in about two months on Tuesday, the benchmark Stoxx Europe 600 index slipped by 0.36 per cent Wednesday to 268.83 in late afternoon trading following the Phillips' warning. This was despite leading national bourses in London, Paris and Frankfurt posting small rises as their trading day ended. US stocks also edged up slightly to pare back losses run up in opening trading. Both European shares and the euro had risen Tuesday in anticipation that Greek parliamentarians would back Prime Minister George Papandreou's government in the late-night vote in Athens. The euro has also been underpinned by the US dollar suffering amid concerns about the American economy. While the confidence vote in Athens represented a major step in pulling Greece back from the brink, Papandreou now has to push through parliament a tough austerity package to secure a financial lifeline from the European Union-led bailout fund. Underlying the rough road ahead for Athens, a spokesman for the German Finance Ministry said Wednesday efforts were underway to try to convince private creditors such as banks and insurers to share some of the burden of a planned new rescue plan for Greece. The parliamentary vote, however, helped to give a bounce to share markets across Asia. Toyko's Nikkei Index finished the trading day up by a solid 1.79 per cent and China's benchmark Shanghai composite index made a modest gain in cautious trading.
