European shares end up 4 pct after China cuts rates

martes 25 de agosto de 2015 12:39 GYT
 

* FTSEurofirst 300 closes up 4.2 pct

* Best one-day gain since 2011 after sell-off

* Syngenta surges on sign of sweetened Monsanto offer

* Goldman Sachs strategists cut equities position (Updates with closing prices)

By Sudip Kar-Gupta

LONDON, Aug 25 (Reuters) - European shares rose more than 4 percent on Tuesday, their best one-day gain since late 2011, as a rate cut in China fuelled a recovery from a bruising 48-hour sell-off.

Battered mining and technology stocks were among the big winners when China moved to support its stuttering economy and a plunging stock market that had sent shockwaves around the globe.

China's woes have led to fears of fresh deflationary pressures around the world. The European Central Bank is ready to take further measures if the inflation outlook changes materially, ECB Vice President Vitor Constancio said.

"We think the corner in markets has been turned," Bank of America-Merrill Lynch strategists wrote in a note to clients. "We would acknowledge, though, that this sell-off has done some serious damage to markets and any recovery is likely to take time and be volatile."   Continuación...