August 13, 2010 / 7:11 AM / 7 years ago

European shares rise, boosted by economic growth

LONDON, Aug 13 (Reuters) - European shares rose in early trade on Friday, as better-than-expected economic growth in Germany and France boosted investors’ sentiment, and with miners and oil majors rising on firmer commodity prices.

By 0703 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.7 percent at 1,050.18 points, after closing 0.2 percent higher on Thursday.

Sentiment was lifted by data showing second-quarter German gross domestic product posted its biggest gain in 23 years, and French growth in the same period also exceeded forecasts. [ID:nLDE67B1IT] [ID:nPISCJE62H]

“The data shows that one can indeed build more confidence in sustainable growth in Europe as opposed to the United States, which in my view will extend the outperformance of European markets over the U.S.,” said Heino Ruland, strategist at Ruland Research in Frankfurt.

Among individual movers, ThyssenKrupp (TKAG.DE) added 3.8 percent after Germany’s biggest steelmaker’s third-quarter earnings beat estimates and it raised its outlook for this year. [ID:nLDE6791YR]

    Miners Rio Tinto (RIO.L) and Kazakhmys (KAZ.L), as well as oil majors BP (BP.L) and Total (TOTF.PA) rose 0.7 to 2.4 percent as metals prices rose and crude CLc1 rebounded to above $76 a barrel. (Reporting by Harpreet Bhal)

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