PARIS, April 22 European shares were led higher
by the Italian blue-chip index on Monday, after sharp falls in
the previous week, as investors bought back into the cheap
market following signs of political progress there.
Milan's FTSE MIB index rose 1.8 percent after the
re-election of Italy's president following a broad agreement
between political groups raised the prospect that a new
government could be formed.
Banco Popolare surged 4.9 percent and UniCredit
gained 3.5 percent.
At 0704 GMT, the FTSEurofirst 300 index of top
European shares was up 0.7 percent at 1,160.61 points, while the
euro zone's blue-chip Euro STOXX 50 index was up 0.9
percent at 2,598.37 points.
The broader backdrop remained one of concern around a series
of weak economic and corporate data releases, in spite of the
easy monetary policies being employed by many central banks,
"The market has been quite resilient because everyone knows
that central banks, and especially the ECB, still have
ammunition left to support the economy," Philippe de Vandiere,
analyst at Altedia Investment Consulting.
"But that said, we're a bit cautious because there's just no
visibility from companies and macro data shows that Europe
continues to sink while growth in the United States is quite