Europe shares enjoy best 2-week rally in 5 years on ECB boost
* FTSEurofirst 300 rises 1.4 pct, hits 7-year high
* European shares enjoy best 2-week rally in 5 years
* Cyclical stocks such as carmakers among top gainers
* Drop in euro seen as big positive catalysts for earnings
By Blaise Robinson
PARIS, Jan 23 (Reuters) - European shares rose in early trade on Friday, enjoying their best two-week rally in five years, as investors cheered the European Central Bank's decision to buy government bonds.
Cyclical stocks such as carmakers, seen as the big winners of the drop in the euro currency, featured among the biggest gainers, with BMW up 4.4 percent and PSA Peugeot Citroen up 3.7 percent.
"The effect of QE is already here, look at the euro," said Alexandre Baradez, chief market analyst at IG France.
"Its drop has been spectacular. It will be a major boost to exports and will lift confidence among company executives. Industrials will be among the top winners." Continuación...