July 22, 2013 / 7:16 AM / in 4 years

European shares rise as Philips beats expectations

LONDON, July 22 (Reuters) - European shares held steady early on Monday as bullish results from the likes of Philips and Julius Baer helped sentiment which has been boosted by central banks’ stance on stimulus.

Swiss private bank Julius Baer added 4.3 percent after it announced first half profit beat analyst estimates.

Dutch firm Philips climbed 3.8 percent after reporting higher-than-expected second-quarter results.

By 0708 GMT, the FTSEurofirst was up 1.26 points, or 0.1 percent at 1,210.26 . The index has gained nearly 9 percent since June lows and is back above its 50-day moving average.

Strategists said the message from the Federal Reserve appears to have finally been received and understood that U.S. monetary policy will remain supportive for as long as equity investors hoped, hence most global indices have now regained their support levels.

“Markets have been reassured by Bernanke’s comments last week but ultimately the prospect of inevitable QE tapering and the possibility of continued mixed messages from the Fed about the when and the how will provide ongoing volatility to the market, which for the short term will be focusing on the corporate earnings season,” Adam Seagrave, trader at Saxo Bank, said.

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