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European stocks bounce after two-year low

Business

07-09-2011 | 04:29

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European stocks bounce after two-year low

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European shares rose sharply in early trade on Wednesday, bouncing from a two-year closing low, led by miners on higher metals prices and after a late Wall Street rally on better-than-expected services sector data.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was up 1.9 percent at 920.67 points, after falling 0.7 percent in the previous session to its lowest close since July 2009.

Miners were among the biggest gainers, as copper prices were boosted by labour disputes. The Stoxx Europe 600 Basic Resources Index rose 2.5 percent.

Looking ahead, however, concerns around the euro zone debt crisis could take center stage again after a key court ruling in Germany.

Germany's top court is due to deliver a ruling around 0800 GMT that may grant legislators more say over future aid, but was expected to stop short of blocking Berlin's contribution to a current series of multi-billion euro bailouts.

"All eyes are going to be on the German constitutional court. It's the key set piece event of the week. We don't expect the court to go against the bailouts, but key is the associated red tape which might make closer fiscal integration in the euro zone harder," said Jeremy Batstone-Carr, strategist at Charles Stanley.

-Reuters

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