PARIS, July 23 (Reuters) - European shares climbed in early
trade on Tuesday, hitting fresh seven-week highs, with Dutch
telecoms group KPN jumping 12 percent after selling its
German unit E-Plus.
At 0703 GMT, the FTSEurofirst 300 index of top
European shares was up 0.4 percent at 1,215.56 points, a level
not seen since early June.
"The KPN news is good for telecoms overall, it fuels the M&A
fever recently seen in the sector," David Thebault, head of
quantitative sales trading at Global Equities, said.
"Earnings have also been relatively good so far, although
the bulk of results still has to come. We'll have a better idea
of the big picture by the end of the week, with the focus mostly
on the guidance."
Miners also helped fuel the early gains, after media reports
from China that said the government would use railway projects
to help cut gluts in steel, cement and other construction
materials, and that Beijing would not permit economic growth to
sink below 7 percent.