Rio deal drives up Europe shares ahead of US jobs
Friday 01 February 2008
European shares rose today, led by mining shares after a Chinese aluminium company said it had bought a stake in bid target Rio Tinto and by banks ahead of key US jobs data later in the session.
By 0810 GMT the FTSEurofirst 300 index of top European shares was up 1.5 percent at 1,349.72 points. Advancing issues outnumbered decliners by 14 to one.
Rio shares rose 14 percent after China's Chinalco said it had bought a 12 percent stake in the company jointly with US producer Alcoa, which lifted the entire sector.
"If the markets decide to return to fundamentals for a change, which is not something they've been doing recently, they're doing okay," said Edmund Shing, a strategist at BNP Paribas in Paris.
"Guidance may not be fantastic but it's certainly not telling you there is a recession coming."
Around Europe, London's FTSE 100 index was up 2 percent, while Frankfurt's DAX added 1.5 percent and Paris' CAC 40 rose 1.6 percent.
The US jobs figures are due at 1330 GMT and are expected to show a rise of 80,000 in the number of workers on non-farm payrolls, after December's shock rise of just 18,000.
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