European shares get energy boost, Credit Suisse slumps
LONDON Feb 4 (Reuters) - European equities bounced back in early trading on Thursday, with commodities-related shares surging after a sharp decline in the U.S. currency that made dollar-priced crude oil and metals cheaper for holders of other currencies.
The dollar fell heavily after New York Fed President William Dudley said financial conditions were considerably tighter and a weakening outlook for the global economy would have to be taken into account, tempering expectations on the timing of future U.S. interest rate increases.
The STOXX Europe 600 Basic Resources index and the oil and gas index surged 3.9 percent and 2.3 percent respectively, the top sectoral gainers in Europe.
Shares in Anglo American, Glencore, BHP Billiton, Royal Dutch Shell and BP rose 2.2 to 8.9 percent.
German food processing equipment maker GEA rose 8.5 percent after lifting its core operating profit by a better-than-expected 5 percent in the fourth quarter, thanks to restructuring efforts that progressed ahead of schedule.
However, Credit Suisse slumped 9 percent after posting its first full-year loss since 2008 as it booked a big impairment charge for its investment banking business under new Chief Executive Tidjane Thiam.
By 0814 GMT, the pan-European FTSEurofirst 300 index was up 0.5 percent after falling 1.6 percent in the previous session. (Reporting by Atul Prakash; Editing by Alistair Smout)
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