LONDON Feb 27 European shares found firmer
footing on Wednesday, having tumbled lower in the previous
session, as investors used the opportunity to buy back in on
beaten down assets.
The FTSEurofirst 300 provisionally closed up 10.98
points, or 1 percent at 1,161.23, led by strength in benchmark
indexes in Italy and Spain, which had fallen
4.9 and 3.2 percent, respectively, on Tuesday after an Italian
election stalemate renewed concerns about the future of the euro
"There's a lot of money ready to go in on the dips and
people do tend to invest by looking in the rear-view mirror and
there's nothing that increases confidence more than a market
that has performed well," Peter Clark, chief investment officer
at Igenious Asset Management, said.
The euro zone blue chip index and the broader
STOXX 600 remain up around 9 percent and 7 percent,
respectively, since November as central banks stepped in with
unprecendented support the global financial system.
A well-bid Italian bond auction, the first test of investor
demand for the country's debt after inconclusive weekend
elections, helped stocks recover on Wednesday.
As did the U.S. Federal Reserve's defence of its bond-buying
plans -- seen as broadly supportive of equities over other asset
classes -- and data showing businesses were becoming more
confident in the durability of the economic recovery.