Energy and banking stocks boost European shares, M&S slumps

miércoles 25 de mayo de 2016 04:42 GYT
 

(ADVISORY - Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSEurofirst 300 index gains 0.9 pct

* Energy shares mirror higher crude oil

* M&S slumps after short-term profit warning

By Atul Prakash

LONDON, May 25 (Reuters) - European equities climbed to a four-week high on Wednesday, with energy shares rising on the back of a rally in oil and Greek banks gaining after politicians made progress on talks over securing a debt relief deal.

However, British retailer Marks & Spencer slumped after saying that its turnaround plan would hit profits in the short term.

The FTSEurofirst 300 was up 0.9 percent by 0816 GMT, having hit its highest level since late April and adding to the previous session's jump of more than 2 percent. The STOXX Europe 600 index was also up 0.9 percent.

Energy shares were in demand after oil prices pushed closer to $50 a barrel, with U.S. crude hitting its highest in more than seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.   Continuación...