Sunday 25 September 2016

European equities bounce back, commodities stocks support

Published 08/04/2016 | 08:43

Traders gather at the post that trades Cablevision on the floor of the New York Stock Exchange. Photo: Reuters
Traders gather at the post that trades Cablevision on the floor of the New York Stock Exchange. Photo: Reuters

European equities rose in early trading on Friday as firmer prices of metals and crude oil boosted resource-related stocks, although a pan-European index was on track for its fourth straight week of losses.

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The STOXX Europe Basic Resources and the Oil and Gas indexes rose 1.2pc and 1pc respectively, the top two sectoral gainers, after oil gained on expectations of increased fuel demand following firm economic indicators from the United States and Germany. Metals prices were also firmer.

The pan-European FTSEurofirst 300 index was 0.6pc higher by 0712 GMT after closing 0.8pc lower in the previous session, when the index slipped to a one-month low. It is down about 10pc this year and remained on track for its fourth straight week of losses.

On the macroeconomic front, German exports bounced back, rising more than expected in February, in a sign that foreign demand for goods from Europe's biggest economy is picking up again.

Reuters

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