LONDON Dec 5 European stocks rose early on
Wednesday, tracking gains overnight in Asia and approaching
fresh 2012 highs, after comments from China's new leader boosted
global growth expectations and fuelled a rally in commodity
By 0805 GMT, the FTSEurofirst 300 was up 4.27
points, at 0.4 percent at 1,125.52 with the year's closing high
of 1,128.65 firmly in its sights.
Basic resource stocks and oils were good
gainers after Chinese Communist Party chief Xi Jinping said the
country will ensure stable economic growth, sparking a sharp
rally in Chinese shares with the Shanghai Composite Index
surging 2.9 percent.
"There was positive news out of China as well as Ping An
sale confirmed by HSBC. The miners are rallying following
stronger commodities and at least for now we head higher and can
put the 'fiscal cliff' on the back burner for the time being,"
Jawaid Asfar, trader at SecurEquity, said.
Europe's largest bank HSBC gained 0.7 percent after
A conglomerate controlled by Thailand's richest man, Dhanin
Chearavanont, has bought a minority stake in China's Ping An
Insurance for $9.38 billion from global bank HSBC.