October 24, 2012 / 3:36 PM / 7 years ago

European shares halt slide on China data, tech rally

LONDON, Oct 24 (Reuters) - European shares halted a three-day slide on Wednesday as encouraging Chinese data fuelled a rebound in oil and mining stocks, while strong earnings boosted tech shares.

Shares in SAP rose 4.6 percent as the world’s biggest maker of business software reported estimate-beating results, leading a rally in the tech sector and mirroring strong numbers from chip-maker ARM Holdings on Tuesday.

They were among top risers on the pan-European FTSEurofirst 300 index, which provisionally closed 0.6 percent higher at 1,095.16 points.

The index had shed 2.8 percent in the previous three sessions, when the corporate newsflow in Europe and the United States had been more negative.

“The volatility we’ve seen has been primarily micro driven,” Manish Singh, head of investment at Crossbridge Capital, said.

“These selloffs always have the potential to turn around as soon as the next set of positive earnings hit the tape.”

Also lifting the market on Wednesday were energy and basic resources stocks after manufacturing data from China signalled a strengthening recovery in the world’s top consumer of raw materials and second largest economy.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below