European shares surge on China's rate cut and dovish ECB comments

viernes 21 de noviembre de 2014 13:31 GYT

* FTSEurofirst 300 led higher by miners and euro zone banks

* First Chinese interest rate cut in more than two years

* Comments from ECB's Draghi help to boost sentiment

* Italy's MIB index enjoys biggest rally since mid-2012

By Blaise Robinson

PARIS, Nov 21 (Reuters) - European stocks rallied on Friday, with a benchmark index hitting a two-month high, propelled by dovish comments from European Central Bank President Mario Draghi and a surprise interest rate cut in China.

Mining shares, highly sensitive to economic growth in China, featured among the top gainers, with Rio Tinto gaining 6.2 percent and BHP Billiton 5 percent. The STOXX basic resources sector index, which had tumbled nearly 20 percent in the past four months, rose 5.7 percent.

"It comes right after China's disappointing PMI figures showing that manufacturing activity is getting dangerously close to contraction," said IG France chief market analyst, Alexandre Baradez.

"China's central bank is now following the path of the Fed, the ECB and the BoJ. Central banks are really driving markets."   Continuación...