European shares rose on Friday,
European shares rose on Friday, bouncing back after their worst sell-off in a year, led by the banking sector as investors await U.S. GDP numbers to gauge the health of the global economy.
By 0812 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.8 percent at 1,009.32 points after hitting their lowest close in seven weeks on Thursday.
“Even though today we may see some sort of bounce, I think the problems are still haunting us,” said Philippe Gijsels, senior equity strategist at Fortis Bank.
“We still have the situation with Greece and the problem is shifting to Portugal. Obama is also introducing a lot of anxiety … though Bernanke was reappointed which has lifted some of the uncertainty.”
Overnight the U.S. Senate backed Ben Bernanke for a second four-year term running the Federal Reserve. Banks featured among the biggest gainers. HSBC, Banco Santander, BNP Paribas and Royal Bank of Scotland rose 0.6 to 1.9 percent. Energy stocks gained, with BG Group, BP, Royal Dutch Shell and Total up 0.6 to 1.3 percent.
At 1330 GMT, investors will watch U.S. fourth-quarter GDP figures. A survey predicted that U.S. GDP expanded at a 4.6 percent annual rate, up from 2.2 percent in the third quarter.
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- Last Modified: January 29, 2010
- Filed Under: Latest News, MARKETS, NATION, WORLD
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