European shares recover as BES and miners bounce back

miércoles 16 de julio de 2014 10:35 GYT
 

* FTSEurofirst 300 up 1 pct, Euro STOXX 50 up 1.2 pct

* Airbus falls as Qatar Airways seeks compensation

* BES rebounds after it hit record lows Tuesday

* Mining stocks buoyed by Chinese economic growth

By Sudip Kar-Gupta

LONDON, July 16 (Reuters) - European equity markets recovered on Wednesday from losses in the previous session as a rebound in Banco Espirito Santo and in mining stocks lifted the region's bourses.

The pan-European FTSEurofirst 300 index, which had slipped 0.4 percent on Tuesday, was up 1.2 percent at 1,375.14 points. The euro zone's blue-chip Euro STOXX 50 index rose 1.4 percent to 3,197.81 points.

Banco Espirito Santo (BES) jumped 15 percent, after hitting record lows on Tuesday, enabling Lisbon's benchmark PSI-20 index to advance by 2.7 percent.

Traders said that even though BES remained dogged by the fact that a holding company of the bank's founding family had failed to repay a $1 billion loan, some investors were now starting to think the stock represented a relative bargain.   Continuación...