European shares rebound as energy, miners rise

PARIS - European shares rose in early trade on Wednesday, recouping some of the losses from the previous session as commodity-related stocks bounced back along with oil and metal prices.

By (Reuters)

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Published: Wed 20 Aug 2008, 2:07 PM

Last updated: Sun 5 Apr 2015, 11:55 AM

At 0714 GMT, the FTSEurofirst 300 index of top European shares was up 0.5 percent at 1,165.30 points. Rio Tinto added 3.4 percent, Xstrata gained 3.7 percent and BP rose 1.4 percent.

Tech shares got a boost from Hewlett-Packard's results that beat estimates overnight as well as from a deal announced by STMicroelectronics and Ericsson to combine their chip and mobile applications businesses.

STMicro gained 2.2 percent, Ericsson rose 1.1 percent, while Infineon added 1.5 percent and Alcatel-Lucent gained 1 percent. ‘(The news in the tech sector) helps a bit, but it doesn't change the general mood. We've seen four or five weeks of rebound, but that recovery mood has been destroyed over the last few days by negative news flow from the banking sector,’ said Achim Matzke, European stock indexes analyst at Commerbank, in Frankfurt.

‘The sharp drop in commodity prices since mid-July seems to have been priced in now. In the best case, the market is moving sideways, with a negative touch.’

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