European shares up, G20 eyed for stimulus comments
LONDON, April 19
LONDON, April 19 (Reuters) - European shares rose early on Friday, attempting to rebound from five consecutive sessions of losses, with markets looking for action from finance ministers to curb the recent decline in global growth.
By 0703 GMT, the FTSEurofirst 300 was up 5 points, or 0.4 percent, at 1,152.38, echoing overnight gains in Asia. The index continued to find support around 1,148, the level at which it has bounced 5 times already this year.
The index has shed almost 4 percent since last Friday on growing concerns over waning global growth hitting corporate earnings, and some investors were hoping for signs of more stimulus from a meeting of finance leaders of the G20 on Friday.
"The euro zone needs unsterilized QE (quantitative easing). We need to have money printing in Europe and with the failure of other policies and austerity then that is more likely to happen," Colin Mclean, SVM Asset Management managing director, said.
"The potential stimulus coming from that in the short-term could be quite good for equities," he said.
Hard hit basic resources and banks were the top gainers early on, up 1.5 and 1.0 percent respectively.