Europe: Modest rebound

Business Times

LONDON: European stocks rose yesterday as investors took cue from slender gains on Wall Street before this week’s US Federal Reserve policy meeting, but gains were capped by Iraq fears.

In late morning deals, London’s FTSE 100 index of top companies rose 0.1 per cent to 6,759 points .

The pan-European FTSEurofirst 300 index, which had fallen in the last two sessions from 6-½ year highs, edged back up by 0.1 per cent to 1,385.05 points.

The eurozone’s blue-chip Euro STOXX 50 index advanced 0.1 per cent to 3,264.76 points.

Frankfurt’s DAX 30 rose 0.2 per cent to 9,906.63 points and in Paris the CAC 40 gained 0.2 per cent to 4,519 points.

“European stock markets are staging a mild rebound following recent weakness on the back of the Iraq conflict,” said ETX Capital analyst Daniel Sugarman.

“Traders are using the recent sell-off as an excuse to snap up stocks at lower prices.” Agencies

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