Rapid rally

PARIS: European stocks rose yesterday, with the blue-chip Euro STOXX 50 index hitting a three-month high, as investors bet the European Central Bank will unveil steps to ease Spain and Italy’s soaring borrowing costs at its meeting later this week.

At 1106 GMT, the FTSEurofirst 300 index of top European shares was up 1 per cent at 1,067.07 points, a level last seen in early April.

The Euro STOXX 50 index was up 1 per cent at 2,324.03 points, after briefly rising to a three-month high of 2,335.15.

London’s benchmark FTSE 100 index gained 0.56 per cent to 5,658.80 points in midday trade, the Paris CAC 40 added 0.50 per cent to 3,296.75 and Frankfurt’s DAX 30 put on 0.76 per cent to 6,740.27. Madrid jumped 1.75 per cent and Milan won 2.12 per cent.

“The market’s recovery has been extremely quick, and we’re cautious on the short term,” Agilis Gestion fund manager Arnaud Scarpaci said. Agencies

Business Times : marketwatch

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