April 10, 2013 / 7:11 AM / in 5 years

Miners prop up European shares, aided by China data

LONDON, April 10 (Reuters) - European shares advanced on Wednesday, propped up by miners on hopes for an improved outlook for demand and with technical analysts anticipating the market to remain buoyant near-term.

The FTSEurofirst 300 was up 0.3 percent at 1,168.57 by 0705 GMT, tracking gains on Wall Street, where the Dow Jones industrial average closed at a record high on Tuesday.

The euro zone’s blue-chip Euro STOXX 50 was 0.4 percent firmer at 2,606.30.

Mining stocks were in favour, boosted by Chinese trade data which suggested domestic demand from the world’s top metals consumer was gathering pace.

“I can’t see Europe breaking aggressively lower while U.S. equity markets are holding up,” Barclays Capital analyst Lynnden Branigan said.

“Once the U.S. equities start to turn, I think we will start to see the European equities start to break down a little bit,” he said, noting that should the Euro STOXX 50 breach range lows at 2,563, it could drop to a late November low of 2,522.

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