LONDON, June 4 European shares snapped a two-day
losing streak on Tuesday, led higher by chipmaker
STMicroelectronics after it guided for full-year order
Traders said STM's shares were in demand after the group's
chief executive, Carlo Bozotti, told Le Figaro newspaper that
the company expects order growth of 5 to 10 percent this year
after a 5 percent increase in the first quarter.
It topped the pan-European FTSEurofirst 300 index,
which was up 0.7 percent at 1,215.37 points, taking its cue from
positive closes for U.S. and Japanese stocks after two negative
sessions in Europe.
The euro zone Euro STOXX 50 index was up 0.9
percent at 2,775.70 points.
"With (positive) closes in the U.S. and Japan we'll try to
recover today," said Ouri Mimran, a technical strategist at
Natixis in Paris, who recommended his clients to bet on a
tactical rebound in Japan's Nikkei index.
"A break above yesterday's high (on the Euro STOXX 50) will
give the bullish signal I'm expecting but I'd prefer to wait for
a confirmation because the European close was quite weak
He said the Euro STOXX 50 remained in a bullish medium-term
trend as long as it kept above the 61.8 percent retracement of
its April-to-May rally at 2,660 points.