European shares hit fresh highs

Comment on this story
EU Flag

European shares rose to fresh highs on Wednesday as a ruling from a top German court paved the way for policymakers to take new steps to tackle the euro zone's debt crisis, prompting some traders to take profits late in the session.

Attention now switches to a US Federal Reserve meeting this week, with investors uncertain as to whether the Fed will launch new stimulus measures to help the struggling US economy.

The FTSEurofirst 300 index provisionally closed up 0.1 percent at 1,108.01 points, having at one stage reached an intraday peak of 1,115.90 points - its highest level since early July 2011.

The euro zone's Euro STOXX 50 index rose 0.3 percent to 2,564.35 points.

Germany's top court gave a green light for the country to ratify the euro zone's new bailout fund and budget pact, but insisted the German parliament have veto powers over any future increases in the fund's size.

“We closed out some small short positions on the (French) CAC and the Euro STOXX. It's another building block for a better situation in Europe,” said Clairinvest fund manager Ion-Marc Valahu. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines