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发帖数: 1972 | 1 http://www.cnbc.com/id/45010808
European Stocks End Choppy Day Up, Led By Miners
Published: Monday, 24 Oct 2011 | 11:56 AM ET Text Size By: Reuters
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European shares ended a choppy day higher on Monday after Chinese economic
data buoyed miners and euro zone banks overcame early weakness to rise on
expectations that regional leaders would reach a debt deal at a crucial
summit this week.
London-listed base-metals miners including Antofagasta [ANTO-GB 1178.00
82.00 (+7.48%) ], Kazakhmys [KAZ-GB 925.00 68.50 (+8%) ] and Rio
Tinto [RIO-GB 3373.50 222.50 (+7.06%) ] led the move higher, all up
more than 7 percent, while the STOXX Europe 600 Basic Resources index [.SXPP
442.54 23.59 (+5.63%) ] rose 5.4 percent.
Buoying the sector, down heavily this year but on course to snap a 7-month
losing run, was news the manufacturing sector in China, the world's biggest
metals consumer, had expanded slightly in October after three months of
contraction.
By the provisional close, the FTSEurofirst 300 index of leading European
shares was up 1.1 percent at 989.10 points [.FTEU3 989.10 10.97 (+1.12%
) ], after rallying strongly on Friday, although volume was once again
light.
Christopher Potts, head of economics and strategy at Cheuvreux, said
equities were moving from a tactical to a strategic buy, implying potential
for a gain of 10 percent to 15 percent for major indexes over the next three
months.
The final condition for a sustained recovery is the bottoming of leading
indicators of the global output cycle, which seems to be taking shape, he
said.
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