European shares rise as China's stimulus helps mining stocks gain

miércoles 2 de marzo de 2016 05:30 GYT
 

* FTSEurofirst set for fifth straight day of gains

* Mining companies rise on new Chinese stimulus measures

* But Luxottica and Elekta fall

By Sudip Kar-Gupta

LONDON, March 2 (Reuters) - European shares rose on Wednesday as gains by mining companies helped stock markets to recover further from their losses earlier in the year.

The pan-European FTSEurofirst 300 index, which had risen in the last four sessions, advanced 0.7 percent. The euro zone's Euro STOXX 50 index and Germany's DAX also both rose 0.9 percent.

World stock markets slumped at the start of 2016 on concern about a slowdown in China, the world's second-biggest economy and a leading consumer of oil and metals. The FTSEurofirst is still down 7 percent since the start of 2016.

But China announced this week it would cut bank reserve requirements and make other structural reforms. That helped real estate prices climb, and Chinese stocks advanced on Wednesday even though Moody's cut its outlook on China. .

Shares of mining companies rose in response on Wednesday, and copper prices also climbed. Anglo American advanced 5 percent and steelmaker ArcelorMittal 4 percent.   Continuación...