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European shares bounce back

Japan's move to ease its monetary policy to bolster the world's third-biggest economy.

Written by Agencies | London |
September 19, 2012 12:51:17 pm

European shares rose on Wednesday,with Japan’s move to ease its monetary policy to bolster the world’s third-biggest economy allaying concerns about global growth.

Japan boosted its asset purchase programme to support the economy that faces weakening exports and fall-out from a territorial dispute with China,following recent central bank stimulus action in the United States and Europe.

At 0706 GMT,the FTSEurofirst 300 index was up 0.5 percent at 1,117.54 points after falling 0.4 percent on Tuesday and 0.3 percent on Monday. The index,which climbed to a 14-month high on Friday on the U.S. Federal Reserve’s stimulus programmes,is up more than 11 percent so far this year.

There have been some concerns with regards to China’s economic growth and its broader impact elsewhere. The fact that the Japanese central bank is attempting to play its part is certainly favourable,Keith Bowman,equity analyst at Hargreaves Lansdown,said.

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Investors are trying to remain generally defensively oriented,but at the same time they are trying to give themselves some exposure to the more cyclical areas,in case we do see a more sustained economic recovery.

European auto shares,generally seen as cyclical plays,were the top gainer,with the sector index rising 1.6 percent. The basic resources index was up 0.9 percent.

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