Europe stocks hit 3-wk closing high on Chinese data

Wed Nov 11, 2009 5:43pm GMT
 
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* FTSEurofirst300 up 0.4 pct

* Financials, miners advance; Chinese data supports stocks

* Sainsbury rises 3.2 percent after results

By Atul Prakash

LONDON, Nov 11 (Reuters) - European shares hit a three-week closing high on Wednesday, boosted by financials and miners and a renewed appetite for risk following positive macro-economic data from China.

Comments from Federal Reserve officials reinforcing the view that U.S. interest rates will remain near zero for some time also supported stocks, but pushed the dollar to a 15-month low before the currency recovered in a technical rebound.

The FTSEurofirst 300 .FTEU3 index of top European shares ended up 0.4 percent at 1,013.87 points, the highest close since Oct. 22. The index, which has gained in five of six sessions, is up 22 percent in 2009 and has surged 57 percent since hitting a record low in early March.

Banks were among the top gainers, with France's biggest retail bank Credit Agricole (CAGR.PA) rising 5.6 percent after the lender's third quarter net profit fell less than expected and the bank chose a new chief executive.  Continued...

 

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