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Macroeconomic data aids European shares rebound

Source : REUTERS
Last Updated: Fri, Feb 08, 2013 16:40 hrs

LONDON, Feb 8 (Reuters) - Rebounding banks helped European shares recover on Friday after data pointing to a potentially stronger recovery in global growth helped drive demand for equities.

The FTSEurofirst 300 provisionally closed up 13.17 points, or 1.2 percent, at 1,161.45.

A narrowing trade deficit in the United States and data overnight showing growing demand for Chinese exports nurtured hope that the global economy would strengthen.

Meanwhile, European Union leaders ended a bout of uncertainty by reaching an agreement on the bloc's long-term spending plans, after more than 24 hours of negotiations.

"The key drivers for the macro recovery in January and the subsequent equity rally appear to be holding and, as a result, we have seen a lot of the week's pullback eradicated," Adam Seagrave, equity Trader at Saxo Bank, said.

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