European shares hit two-week closing high - News

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European shares hit two-week closing high

By: AFX | 09 Nov 2009 | 11:58 AM ET

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LONDON, Nov 9 (Reuters) - European shares hit a two-week closing high on Monday, boosted by financial and commodity shares, and after the Group of 20 pledged to keep the aid until recovery was assured. The FTSEurofirst 300 index of top European shares rose 1.9 percent to end the session provisionally at 1,011.31 points, the highest close since Oct. 23 and the first time since Oct. 22 it has closed above 1,000. The index has gained for four straight days and is up more than 56 percent from its lifetime low of March 9, as investors have become more confident on the prospects for economic recovery. Group of 20 finance ministers pledged on Saturday to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured. Other factors were also pushing equities higher, said Franz Wenzel, strategist at AXA Investment Managers in Paris. "The macroeconomic picture is getting better. The Fed is indicating interest rates won't go higher for some time. And in Europe, we're behind the curve, so there's no point in lifting rates here before the U.S," he said. "Equities are still cheap. The rally hasn't been enough to pull the trigger as far as valuations are concerned." Banks added most to the index. Barclays and HSBC were up 2.1 and 1.2 percent respectively ahead of trading updates on Tuesday. UniCredit, which reports results on Wednesday, rose 5.3 percent. BNP Paribas, Banco Santander, Credit Suisse, Deutsche Bank and Societe Generale rose between 1.8 and 4 percent. The European bank index is up more than 165 percent from the March low. (Reporting by Brian Gorman) Keywords: MARKETS EUROPE STOCKS/CLOSE (brian.gorman@thomsonreuters.com; +44 20 7542 9128; Reuters Messaging: brian.gorman.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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