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European shares extend gains; miners jump

European shares extend gains; miners jump
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First Published: Tue, Aug 23 2011. 01 03 PM IST
Updated: Tue, Aug 23 2011. 01 03 PM IST
London: European equities gained further on Tuesday, with miners rising on the back of stronger metal prices following China’s factory sector data, while investors bet that the Federal Reserve might signal fresh measures to support the economy later this week.
The STOXX Europe 600 basic resources index , up 2.6%, was the best performer. At 12:41pm, the FTSEurofirst 300 index of top European shares was up 1.5% at 930.85 points after rising 0.8% on Monday.
“Any data that just hints that the world is not ending is going to be well received by the market. We had better-than-anticipated Chinese factory data overnight and some of the corporate results this morning were also good,” said Ian Richards, European equity strategist at RBS.
“You have also got a potential catalyst coming through on Friday and the Jackson Hole meeting is going to be in focus for the markets all this week.”
Investors waited for the Fed chairman Ben Bernanke’s key speech at an annual central bank conference in Jackson Hole to see if he would provide hints for further measures to revive the struggling economy.
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First Published: Tue, Aug 23 2011. 01 03 PM IST
More Topics: Markets | Europe | Stocks | FTSE | STOXX |