European shares lifted by stronger mining and telecom stocks

viernes 14 de octubre de 2016 04:09 GYT

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* STOXX 600 rises, but still down around 8 pct in 2016

By Sudip Kar-Gupta

LONDON, Oct 14 (Reuters) - European shares rose on Friday to claw back ground lost in the previous session, with mining and telecoms stocks outperforming, while hedge fund Man Group also surged higher.

The pan-European STOXX 600 index rose 0.8 percent.

The index remains down by around 8 percent so far in 2016, but Clairinvest fund manager Ion-Marc Valahu backed having a "long" position to bet on more gains for European stocks.

He cited expectations that Deutsche Bank would reach a settlement with U.S. authorities over alleged mis-selling of mortgage backed securities as one reason for this.

Deutsche Bank shares were up 2.3 percent, and Valahu also cited expectations that Italy would fix problems with its struggling banks as a further reason to stay upbeat on European stocks.

"You should stay 'long' on European equities. I expect positive resolutions on Deutsche Bank and Italian banks," he said.   Continuación...