Oils lift Europe shares

Thu Jun 12, 2008 9:09am BST
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LONDON (Reuters) - European stocks rose early on Thursday, driven by a rise in oil shares, while Belgian brewer InBev INTB.BR jumped after unveiling a bid for U.S. rival Anheuser-Busch (BUD.N: Quote, Profile, Research).

By 8:19 a.m., the FTSEurofirst 300 index added 0.3 percent to 1,253.08 points, snapping a six-day losing streak.

Heavyweight oil stocks BP (BP.L: Quote, Profile, Research), Shell (RDSa.L: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) rose 0.8-1.1 percent as oil traded around the $135-a-barrel mark.

InBev rose 3.4 percent after it offered $46.3 billion (23.5 billion pounds) to buy Anheuser-Busch. Other brewers also moved on the deal, with SABMiller (SAB.L: Quote, Profile, Research) down 3 percent and Heineken (HEIN.AS: Quote, Profile, Research) up 1.4 percent.

Shares in Carphone Warehouse (CPW.L: Quote, Profile, Research) fell over 15 percent after Europe's biggest independent mobile phone retailer said it had seen falling broadband demand due to a slowdown in the housing market and was cautious about the year ahead.

Later in the session, the release of retail sales data in the United States will be in the spotlight.

 
 
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