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European shares boosted by Greek euro hopes
2012年5月28日 / 早上8点13分 / 5 年前

European shares boosted by Greek euro hopes

* Euro STOXX 50 up 0.9 pct, Greece's ATG index up 2.6 pct
    * Gain on prospects of pro-bailout win in Greek election
    * Risks focus shifts to creaking Spanish bank sector
    * Madrid's IBEX index drops 0.7 pct

    By Toni Vorobyova	
    LONDON, May 28 (Reuters) - European equities rose on Monday,
cheered by opinion polls suggesting Greece's pro-bailout parties
will be able to form a government committed to keeping the
country in the euro, but traders cautioned against prospects of
an extended rally.	
    The weekend polls went some way towards reassuring investors
worried about a possible Greek euro zone exit in case of a
leftist victory in the June 17 election - an event with
unpredictable and potentially costly contagion risks for the
other economies in the currency bloc and beyond. 	
    With European shares down 17 percent since mid-March and
within sight of recent six-month lows, the cheap valuations
allied to the poll news tempted some investors back.	
    "Let the buying begin," said Justin Haque, pan-European
sales trader at Hobart Capital Markets. 	
    The Athens bourse, which has plunged to levels not seen in
more than two decades, bounced up 2.6 percent.	
    But just as hopes Greece can stay part of the single
currency zone rose, Spain's prospects of getting to grips with
its ailing banking sector took a dive. Madrid's IBEX index
dropped 0.7 percent, with shares in Bankia - the lender
at the heart of investor concerns - dropping as much as 27
percent.	
    Overall, the euro STOXX 50 added 0.9 percent to 2,180.63
points by 0736 GMT.	
    Heavyweight energy stocks gave a boost to Europe's bourses
, with the Greek news helping oil prices by allaying
concerns over future demand from the euro zone. JP Morgan
backed the sector, saying it "is very cheap and could become a
safe haven".	
    The market rebound comes after investors pulled money out of
European equity funds last week, according to EPFR data.	
    "We are quite optimistic in the short term," said Joakim
Skoglund, equity strategist at Handelsbanken Capital Markets.	
    "We would take a bet that the pro-bailout parties winning,
so we are not expecting Greece to leave the euro zone in the
next couple of months and that's fundamental to our view on the
market. But I would be cautious on trading on single polls
because I think they are going to continue to be volatile."	
    Trading volumes should remain muted during the day, with
markets in the U.S. and a number of European countries -
including Switzerland, Norway, Denmark and Austria - closed.
Monday is also a public holiday in France and Germany, although
their equity markets were open. 	
    	
    RISK FACTORS	
    Strategists at Societe Generale estimated an orderly Greek
euro zone exit could shave 10 percent off the value of euro zone
blue chips, while a disorderly one could see the Euro STOXX 50
nearly halve in value.    	
    Others, too, were keen to highlight remaining risks ahead of
the Greek elections and, in the near term, a run of key data
culminating in the keenly watched U.S. jobs report on Friday.   	
    "There are plenty of data releases and events including the
U.S. May jobs report and Irish Fiscal Pact referendum, which
will result in increased nervousness as the week goes on,"
strategists at Credit Agricole CIB said in a research note.	
    "Data this week will reveal further contrasts between the
U.S. and euro zone, with sentiment gauges in the latter set to
deteriorate further while consumer confidence in the former will
improve. In turn, euro zone asset underperformance ... will
remain in place."	
    For the year so far, the U.S. benchmark S&P 500 is up 4.8
percent against a fall of 0.3 percent on the Europe's
STOXX 600. 	
    That comes against a backdrop of stronger economic data and
better corporate news flow from across the Atlantic - to date 72
percent of U.S. blue chips have met or beaten forecasts with
first quarter earnings against 58 percent of European ones,
according to Thomson Reuters StarMine data.	
    Underlining the deep-seated problems in the euro zone,
Spanish banking shares sold off steeply, led by Bankia
. Shares in Spain's fourth biggest lender plummeted
when trading resumed after they were suspended on Friday before
it asked the state for 19 billion euros ($23.77 billion).	
    Nomura reiterated its negative stance on the sector, saying
yet more cash will likely be needed.

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