European shares extend gains after strong Wall St open
LONDON, June 26
LONDON, June 26 (Reuters) - European shares extended gains on Wednesday, tracking a positive open on the U.S. stock market after disappointing growth data there allayed some concerns about an imminent scaling back of monetary stimulus.
The pan-European FTSEurofirst 300 index traded 1.7 percent higher at 1,149.68 points at 1330 GMT after shedding nearly 9 percent in the past month on concerns about such a tightening. The U.S. S&P 500 index was up 0.9 percent.
U.S. economic growth was more tepid than previously estimated in the first quarter and economists said it could influence the Federal Reserve as it considers whether the economy is strong enough for it to start withdrawing some monetary stimulus.
A pledge by the Chinese central bank to prevent any lasting credit crunch also helped ease concerns about lending conditions in the world's second largest economy.
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