Euro shares rise on back of joint central banks move
Published 16/09/2011 | 08:43
EUROPEAN shares rose today, adding to their rally following central bank action to boost liquidity and ahead of the meeting between US Treasury Secretary and European finance ministers in Poland to discuss lthe euro zone's bailout fund.
Over breakfast, the FTSEurofirst 300 index of top European shares was up 0.9pc at 941.38 points.
The benchmark index has risen 7.3 per cent since hitting a two-year low on Tuesday in a rally marked by strong volumes, a bullish sign.
The euro zone's blue chip Euro STOXX 50 index was up 1.4pc at 2,185.45 points, breaking above the 61.8pc Fibonacci retracement of the September 1st-13th drop.
Banks featured among the top gainers, with Societe Generale up 4.2 per cent and Deutsche Bank up 4.5 per cent.
"The liquidity issues have been fixed in the short term, but it doesn't change Greece's solvency issues," Fabrice Cousté, of CMC Markets France, said.
"We're still waiting to see what the IMF, the European Union and the ECB decide: further financial support for Greece or a planned default."