European shares recover as BES and miners bounce back

miércoles 16 de julio de 2014 12:32 GYT

* FTSEurofirst 300 ends up 1.3 pct at 1,376.32 points

* 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, closed up 1.3 percent at 1,376.32 points. The euro zone's blue-chip Euro STOXX 50 index advanced 1.6 percent to 3,202.94 points.

Banco Espirito Santo (BES) rose nearly 20 percent, after hitting record lows on Tuesday, enabling Lisbon's benchmark PSI-20 index to advance by 3.1 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...