Industrials, banks lift European shares higher
European shares rose, driven by industrials and banks, with the STOXX 600 up 0.2%. Schneider Electric and Siemens Energy saw gains after J.P. Morgan upgrades. Banks rose, led by Societe Generale after a Goldman Sachs upgrade. Positive global sentiment and Wall Street gains supported markets. Rio Tinto shares rose slightly, while Aurubis slipped after disappointing earnings.
(For a Reuters live blog on U.S., UK and European stock markets, click (LIVE/) or type LIVE/ in a news window)
Dec 4 (Reuters) - European shares rose on Thursday after two sessions of muted trading, lifted by industrials and banks, while copper miners were mixed following a batch of corporate earnings.
The pan-European STOXX 600 (.STOXX) advanced 0.2% to 577.59 points by 0812 GMT, set for its third consecutive session of gains.
Major regional bourses such as Germany (.GDAXI) and France (.FCHI) were up 0.7% and 0.3%, respectively.
Industrial stocks (.SXNP) were the biggest boost to the index, rising 0.4%. Schneider Electric (SCHN.PA) and Siemens Energy (ENR1n.DE) gained 3.5% and 2.8%, respectively after J.P.Morgan upgraded its rating to “Overweight” from “Neutral” on both companies.
Banks (.SX7P) rose 0.4%, led by Societe Generale (SOGN.PA) , up 2.4%, after Goldman Sachs upgraded the stock to “Buy” from “Neutral”.
Markets were also supported by largely upbeat global investor sentiment, driven by gains on Wall Street overnight, after weaker economic data kept bets on an interest rate cut by the Federal Reserve next week intact.
Among others, London-listed shares of Rio Tinto (RIO.L) gained slightly, after the mining giant outlined plans to cut costs and raise productivity.
On the flip side, Aurubis (NAFG.DE) slipped marginally after the largest copper producer in Europe posted annual earnings below market expectations.
