(Refiles to correct spelling of 'European' in headline)
LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.
That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.
Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.
"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."
Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)
(Refiles to correct spelling of 'European' in headline)
LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.
That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.
Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.
"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."
Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)
(Refiles to correct spelling of 'European' in headline)
LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.
That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.
Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.
"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."
Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)
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