European shares head for biggest weekly gain since January

viernes 9 de octubre de 2015 04:21 GYT
 

* FTSEurofirst 300 index rises 0.8 percent

* Miners top gainers as metals prices surge

* Givaudan shares rise as maintains targets

By Atul Prakash

LONDON, Oct 9 (Reuters) - Top European stocks climbed to a one-month high on Friday and were set for their best weekly gain since late January on renewed hopes that central banks would keep monetary policy loose for longer.

Shares in trader and miner Glencore rose 6.4 percent, the top gainer in Europe, after zinc prices jumped 8.7 percent following Glencore's announcement to slash its annual zinc output by a third.

The pan-European FTSEurofirst 300 index is up 4.8 percent so far this week, with investors back buying equities, after a sharp sell-off in August and September, on improving sentiment and some stabilisation in commodity prices. The index was up 0.8 percent on Friday.

The Bank of England on Thursday showed no sign it was close to raising rates, while minutes of the most recent U.S. Federal Reserve meeting showed it thought the economy was close to warranting a rate hike but decided it was prudent to wait for evidence a global economic slowdown was not knocking the United States off course.

"The Fed minutes indicate that it will be patient in raising rates. The jury is still out whether the Fed will hike rates in December or early 2016, but this seems to be enough to lift global stocks after a horrible third quarter," Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, said.   Continuación...