Europe shares bounce back

GMT 13:34 2014 Monday ,11 August

Arab Today, arab today Europe shares bounce back

Europe shares bounce
New York - SPA

European shares rose in early trade on Monday, bouncing back from a sharp two-week slide and tracking a rally on Wall Street, after investors deemed Moscow was not about to send troops into Ukraine - a move which would intensify sanctions, Reuters reported.

Late on Friday, Russia's Defence Ministry said it had ended military exercises in southern Russia which the United States had criticised as a "provocative" step, sparking a sharp rally on Wall Street.
Germany's DAX outperformed on Monday, up 1.4 percent, with Daimler up 2.2 percent and Adidas up 1.2 percent. German companies are seen as the most vulnerable to tensions between the West and Russia because of the strong economic links between the two nations.
"The 10 percent correction in Europe has brought some nice buying opportunities, and the market was clearly oversold on Friday. But this is mostly a technical bounce which should last just a few days,"
At 0800 GMT, the FTSEurofirst 300 index of top European shares was up 1.1 percent at 1,320.08 points.
The benchmark index had lost as much as 7.4 percent since mid-June, with the euro zone's blue-chip Euro STOXX 50 index dropping 10 percent over the same period.

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