6 de octubre de 2014 / 15:18 / en 3 años

European shares edge higher as miners advance

* FTSEurofirst 300 up 0.2 pct, DAX catches up after holiday

* Nokia gains on hopes for the value of patents portfolio

* Recent drop in euro boosts shares in exporters

By Atul Prakash

LONDON, Oct 6 (Reuters) - European shares extended a sharp rebound on Monday on further signs that the U.S economy is gathering momentum, with miners gaining the most driven by stronger industrial metals prices.

The STOXX Europe 600 Basic Resources index rose 1.5 percent as prices of copper, aluminium and zinc climbed 0.3 to 1.4 percent anticipating stronger demand for raw materials in countries such as the United States.

Miners Rio Tinto, BHP Billiton, Fresnillo and Antofagasta rose 1.8 to 3.8 percent.

The pan-European FTSEurofirst 300 index was up 0.2 percent at 1,349.92 points by 1455 GMT, having risen 0.9 percent on Friday’s data showing that U.S. employers ramped up hiring in September and that the jobless rate fell to a six-year low.

“The U.S. job numbers were reassuring. The way the market appears to be reacting to these numbers suggests that investors are more concerned about the growth outlook at this point in time than possible interest rate hikes,” HSBC equities strategist Robert Parkes said.

Among other sharp gainers, Nokia rose more than 3 percent on hopes for the value of its patents portfolio after Microsoft announced on Saturday that Samsung Electronics paid it as much as $1 billion in smartphone patent royalties last year.

Nordea analyst Sami Sarkamies said the amount was encouraging for Nokia, which still holds a large patent portfolio dating back to the time it was the world’s top handset maker.

Shares in exporters such as Airbus, up 1.2 percent, were given a lift from the euro’s slide against the dollar. For Airbus, one of Europe’s most dollar-sensitive companies, a 10 cent move in the euro against the dollar translates into a 1 billion euro swing in profit at the operating level.

Analysts said that the recent fall in the euro -- down 11 percent against the dollar since early May -- had fuelled hopes of a boost to the region’s corporate earnings.

After a strong euro gave exporters a big headache in the first part of the year, the recent slide should give a lift of 3-6 percent to corporate earnings, analysts and fund managers said.

“The steady drop in the euro is boosting sentiment among equity investors in Europe. It won’t have an immediate impact on the next earnings season, but people are starting to price it in as a tailwind for the coming quarters,” said Alexandre Baradez, chief market analyst at IG France.

“In the short term, however, the market remains driven by what the central banks say about their monetary policies, with a lot of question marks on the timing for the Fed’s first rate hike and the prospect of a quantitative easing programme from the ECB. So we’re expecting some turbulence on the market in the next little while.”

In Europe, German data fuelled expectations that the European Central Bank could launch a United States-style quantitative easing programme in the coming quarters to prop up the euro zone economy. Data showed German industrial orders posted their biggest drop in August since 2009 due to the subdued euro zone economy and uncertainty caused by crises abroad.

Europe bourses in 2014: link.reuters.com/pap87v

Asset performance in 2014: link.reuters.com/gap87v

Today’s European research round-up (Additional reporting by Jussi Rosendahl in Helsinki; Editing by David Goodman/Ruth Pitchford)

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