Miners bolster European shares after Chinese data

lunes 2 de junio de 2014 12:30 GYT
 

* FTSEurofirst 300 index climbs 0.2 percent

* Chinese factory activity lifts miners

* Strong PMIs help Spain but France weak

By Tricia Wright

LONDON, June 2 (Reuters) - European shares started the month positively on Monday, buoyed by upbeat economic data from China that helped to allay worries about growth rates there.

Basic resources stocks, including miners and other commodity companies, rose 1.5 percent, one of the biggest sectoral gainers, after data showed Chinese factory activity expanded at its fastest pace in five months in May.

Miners, acutely sensitive to the health of the Chinese economy since it is the top metals consumer, had fallen on Friday on concern over China - which, alongside lacklustre growth globally, has deterred recent investment into the sector.

Miners have risen less than 2 percent this year, against a 5.1 percent advance for the STOXX Europe 600. Mining giant Rio Tinto is languishing around 2014 lows while the broader index is trading at its peak for the year.

The sector might have seen a burst higher on Monday, but these gains could prove short-lived.   Continuación...