SKF outperforms as European shares edge higher
LONDON, July 16
LONDON, July 16 (Reuters) - European shares edged higher on Tuesday to continue their recovery after hitting 2013 lows in late June, with Swedish industrials group SKF gaining on better than expected results.
The pan-European FTSEurofirst 300 index rose 0.1 percent to 1,201 points by 0705 GMT, while the euro zone's blue-chip Euro STOXX 50 index advanced 0.1 percent to 2.689.73 points.
SKF, the world's biggest bearings maker, rose 2.3 percent after posting a smaller-than-expected fall in second quarter earnings.
SKF painted a picture of a stuttering economic recovery, and Union Bancaire Privee (UBP) fund manager Scott Meech also felt that tentative signs of a gradual macroeconomic recovery meant it was a good time to buy back into European equities.
"As capital flows are reversing and the economic situation is improving in absolute and relative terms, it feels like a compelling time to revisit Europe," said Meech, co-head of pan-European equities at UBP.