European shares turn positive, oils support November 2, 2009
Posted by dhirendra08 in Big Price.Tags: Banking Shares, Consumer Sentiments, Crude Oil Price, Energy Shares, European Shares, Oil
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Good morning friends. European shares turned positive after hitting a four-week low in early trading on Monday, with banking shares recovering after losses and energy shares following stronger crude oil prices.
By 0856 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 per cent at 977.39 points after falling to a four-week low of 968.19. It slipped 2.1 per cent on Friday, the biggest one-day slide in nearly four months, hit by weak US consumer sentiment data.
Banks gained some ground after falling earlier in the session. Standard Chartered, HSBC, BNP Paribas and Societe Generale rose 0.2 to 0.7 per cent.
But Royal Bank of Scotland and Lloyds fell 1.1 per cent and 5.4 per cent respectively. The Daily Telegraph reported that the UK government will unveil plans this week to spend 30 billion pounds ($49.3 billion) buying further shares of rescued banks.
Energy shares tracked crude oil prices, which rose 0.7 per cent. BP, Royal Dutch Shell, BG Group, Repsol, Total and StatoilHydro added 0.4 to 1.7 per cent. - The Economic Times
