European shares gain after US trade data, banks down

LONDON - European shares recovered further on Thursday after U.S. data showed a surprisingly large decline in the trade gap, while weekly jobless claims did not suggest a sharp deterioration in labour market conditions.

By (Reuters)

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Published: Thu 14 Feb 2008, 8:19 PM

Last updated: Sun 5 Apr 2015, 12:21 PM

Banks were still the session’s worst performers, with UBS shares down 5.6 percent after the Swiss bank unveiled $26.6 billion in exposure to risky U.S. mortgages and foresaw a difficult 2008.

Oil and gas shares were the top gainers in line with a bounce in the price of crude oil.

By 1340 GMT the FTSEurofirst 300 index of top European shares was up 0.7 percent at 1,344.13 points, compared with 1,338.63 just before the data, but was down from a 1.3-percent gain earlier in the day.

The U.S. government said the international trade deficit fell 6.9 percent to $58.8 billion in December, marking the largest monthly drop in over a year. Analysts had expected to see the deficit to reach $61.5 billion. Weekly jobless claims data came in roughly in line with forecasts.


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