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European shares edge up, bouncing after sell-off
August 12, 2010 / 3:46 PM / in 7 years

European shares edge up, bouncing after sell-off

LONDON, Aug 12 (Reuters) - European shares edged up on Thursday, recovering a little of the previous session’s losses, with brewer InBev (ABI.BR) gaining on forecast-beating profit, and GlaxoSmithKline (GSK.L) rising on a drug approval.

But gains were limited partly because of an unexpected rise in U.S. jobless claims.

The FTSEurofirst 300 .FTEU3 index of top European shares rose 0.3 percent to a provisional close of 1,043.82 points after falling 2 percent to a three-week closing low in the previous session on the U.S. Federal Reserve's downbeat assessment of the economy and weaker Chinese factory output data.

Anheuser-Busch InBev, the world’s largest brewer, rose 5.4 percent after quarterly profits came in above expectations.

GlaxoSmithKline rose 2.6 percent after U.S. advisers recommend approval of Potiga, a new epilepsy drug developed with Valeant Pharmaceuticals (VRX.N).

Other drugs shares, and telecom shares, rose as this week’s slide in equities pushed investors towards defensive sectors. Deutsche Telekom (DTEGn.DE) rose 2.6 percent.

The slight recovery “is not surprising given the sell-off yesterday,” said Colin McLean, managing director at fund manager SVM in Edinburgh. “But there’s still some nervousness.” (Reporting by Brian Gorman)

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