European shares bounce, await policymaker catalyst

FTSEurofirst 300 was up 3.69 points, or 0.3 percent, at 1,108.55.

Reuters August 21, 2012

LONDON: European shares climbed higher early on Tuesday in weak volumes, rebounding after falls in the previous session as investors await the next policymaker catalyst to drag regional indexes out of their current ranges.

By 0702 GMT, the FTSEurofirst 300 was up 3.69 points, or 0.3 percent, at 1,108.55, having closed 0.5 percent lower on Monday, as a lack of fresh, firm news and low volumes has seen the market pause at the top of its August trading range.

"The gains registered by most global equity benchmarks through the central weeks of the (European) summer doldrums have been greeted with understandable scepticism given the still miserable levels of trading volumes," Ian Williams, equity strategist at Peel Hunt, said.

"ECB officials are likely to continue to reiterate the need for constructive action from governments, while reiterating the point that the details of any intervention have yet to be finalised," he said.

Britain's FTSE 100, France's CAC40 and Germany's DAX have rallied between 10 and 15 percent in the last three months with most of the gains registered after the European Central Bank president Mario Draghi promised to do whatever it takes to save the euro.


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