LONDON, March 5 Europe's top equity indexes
bounced up to multi-year highs on Tuesday, buoyed by the breach
of key technical levels, a crop of upbeat corporate outlooks and
prospects of continued stimulus from global central banks.
The European Central Bank, the Bank of England and the Bank
of Japan are all expected to stick to ultra easy monetary policy
at meetings this week, following on from reassurances by U.S.
Federal Reserve officials that their stimulus programme is also
here to stay, for now.
A rally in the U.S. Dow Jones Industrial Average to
record intra-day highs helped European bourses accelerate gains
in afternoon trade, as did stronger than expected data on the
U.S. services sector.
The pan-European FTSEurofirst 300 index provisionally closed
up 1.8 percent at 1,189.09 points, its highest finish in 4-1/2
years but just short of the February 2011 intra-day
peak of 1,191.56 points.
"There are many (European) stocks hitting yearly new highs
and that's positive," said Riccardo Ronco, head of technical
analysis at Aviate Global, noting particular strength in
industrials, consumer discretionary and consumer staples.
"I am not fighting that kind of information because it is
very strong. But this is a very messy market ... You should
tighten your stop losses and you have to be in the right