European shares scale fresh 5-year highs, Arcelor jumps

LONDON Fri May 10, 2013 3:08am EDT

LONDON May 10 (Reuters) - European equities edged up to fresh five year highs on Friday, continuing to draw comfort from central bank stimulus and with steelmaker ArcelorMittal jumping on strong earnings.

The FTSEurofirst 300 index was up 0.1 percent at 1,229.97 points by 0704 GMT, testing levels not seen since June 2008 , as investors continued to draw comfort from economic stimulus offered by global central banks.

"It's up, up and away," said Justin Haque, a broker at Hobart Capital markets.

"Everybody is predicting the end (of the rally), and every hedge fund manager is trying to short it and every commentator is saying it's not going to last, but it will last because of quantitative easing."

ArcelorMittal jumped 6 percent after the world's largest steelmaker posted higher than expected core profits in the first quarter and forecast further improvement to come.

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