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European shares advance in early trade, banks lead

LONDON | Thu Aug 1, 2013 3:21am EDT

LONDON Aug 1 (Reuters) - European shares rose on Thursday, led by banks on positive corporate news, with sentiment improving after encouraging Chinese data and as the U.S. Federal Reserve gave no indication of an imminent cut in stimulus.

At 0717 GMT, the FTSEurofirst 300 index of top European shares was 0.6 percent higher at 1,214.76 points. European banks rose 1.2 percent, led by a 5.5 percent gain by Societe Generale, which said its second-quarter earnings more than doubled.

Sentiment also improved after the U.S. Federal Reserve, at the end of a two-day meeting on Wednesday, showed no signs of reducing the economic stimulus that has broadly underpinned prices for commodities, while data showed growth in China's manufacturing sector picked up slightly last month.

"Encouraging China data, which came after the government recently set a floor for economic growth, is positive for the mining sector and could improve confidence and investment in the country," Tom Robertson, senior trader at Accendo Markets, said.

"The Fed's confirmation of what was being anticipated by the market has also eased some nerves."

 
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