Wall Street lifts European shares despite earnings drag

jueves 23 de octubre de 2014 12:33 GYT

* FTSEurofirst 300 rises 0.7 percent

* Wall Street bounces after Caterpillar results

* Michelin and Unilever fall, flagging weak EM demand

* Strong PMIs from Germany and euro zone support index (Updates with closing prices and no other changes to text)

By Alistair Smout

EDINBURGH, Oct 23 (Reuters) - European stocks ended higher in choppy trade on Thursday, buoyed by strength on Wall Street but hindered by weak corporate results from companies including French tyre-maker Michelin.

The pan-European FTSEurofirst 300 also benefited from better-than-expected euro zone business activity data, although it still spent most of the day in negative territory until U.S. stock futures turned higher.

The U.S. S&P 500 gained around 1.4 percent after strong earnings from the likes of Caterpillar, which reported better-than-expected quarterly profit and boosted its 2014 profit outlook.

The rise helped European stocks to erase losses and rally in to the close, with the FTSEurofirst 300 ending 0.7 percent higher at 1,317.28.   Continuación...