LONDON, Sept 29 European shares rose on
Wednesday after falling for the previous two-sessions as
pleasing China PMI figures lifted sentiment, with commodity
stocks given a boost by the news.
By 0712 GMT, the pan-European FTSEurofirst 300 .FTEU3
index of top shares was 0.8 percent higher at 1,078.97 points
after falling 0.3 percent on Tuesday when data showed U.S.
consumer confidence dropped to its lowest level since February.
"The markets look to be going higher," Ben Critchley, sales
trader at IG Index. "The China PMI news is helping it and will
be a boost for the miners."
The HSBC's China Purchasing Managers' Index rose to a
five-month high in September, while separately top iron ore
miner Vale said steel demand growth in China, will revive by
early 2011. [ID:nTOE68S046] [ID:nTOE68S03T]
Miners were in demand, with Antofagasta (ANTO.L), Rio Tinto
(RIO.L) and Xstrata XTA.L gaining 0.6 to 0.8 percent, while
oil groups BP (BP.L), Total (TOTF.PA) and BG Group BG.L rose
0.5 to 1.7 percent.
However, retailers were on the downside. Swedish fashion
group Hennes & Mauritz (HMb.ST) slipped 5.2 percent after its
third-quarter profit missed forecasts. [ID:nLDE68R0V0]
(Reporting by Joanne Frearson)