Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Rio deal drives up Europe shares ahead of US jobs

Reuters
Friday 01 February 2008 09:24 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

European shares rose today, led by mining shares after a Chinese aluminium company said it had bought a stake in bid target Rio Tinto and by banks ahead of key US jobs data later in the session.

By 0810 GMT the FTSEurofirst 300 index of top European shares was up 1.5 percent at 1,349.72 points. Advancing issues outnumbered decliners by 14 to one.

Rio shares rose 14 percent after China's Chinalco said it had bought a 12 percent stake in the company jointly with US producer Alcoa, which lifted the entire sector.

"If the markets decide to return to fundamentals for a change, which is not something they've been doing recently, they're doing okay," said Edmund Shing, a strategist at BNP Paribas in Paris.

"Guidance may not be fantastic but it's certainly not telling you there is a recession coming."

Around Europe, London's FTSE 100 index was up 2 percent, while Frankfurt's DAX added 1.5 percent and Paris' CAC 40 rose 1.6 percent.

The US jobs figures are due at 1330 GMT and are expected to show a rise of 80,000 in the number of workers on non-farm payrolls, after December's shock rise of just 18,000.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in