European News
27, Jan 2012.
Euro shares at 6-month high on US dataEuropean shares hit a six-month high today, boosted by cyclicals such as miners and banks, as strong data from the Unites States and the overnight U.S. Federal Reserve commitment to an easy monetary policy boosted market sentiment.
Mining shares, which generally perform well during prosperous economic conditions, were the top gainers, followed by peers in the autos, construction and bank sectors on hopes a recovery in the global economy will help buoy earnings.
"The Fed has used every weapon in its arsenal to maintain a recovery in the United States. That should not only be positive for the U.S., but also for the global economy and sentiment," Henk Potts, equity strategist at Barclays Wealth, said.
"Given the fact that the global economy continues to recover, the outlook for financial markets remain strong and investors should position themselves for that," he added.
The STOXX Europe 600 Basic Resources index advanced 3.2 percent, tracking a strong rise in metals prices. The FTSEurofirst 300 index of top European shares provisionally finished 1.1 percent firmer at 1,051.24, the highest close since early August.
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