European shares rise

European stocks rose in early trade following better-than-feared GDP figures for Germany and France.

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European stocks rose in early trade on Wednesday following better-than-feared GDP figures for Germany and France, and as debt-striken Greece appeared to be nearing a political consensus on painful budget cuts.

Banking stocks rallied, with BNP Paribas surging 7 percent after posting forecast-beating results and hitting tougher capital targets six months early.

At 10:03 SA time, the FTSEurofirst 300 index of top European shares was up 0.7 percent at 1,077.17 points, while the euro zone's blue chip Euro STOXX 50 index was up 1 percent at 2,512.31 points.

“After testing the lower band of its upward channel, the Euro STOXX 50 should climb toward its highest point of 2012 at 2,540 points, its next resistance level,” Aurel BGC chartist Gerard Sagnier said. - Reuters

Source: http://www.iol.co.za/european-shares-rise-1.1234732

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