PRODUCT PROFILE

Latest Dublin Prices

European equities ahead on Spain budget

Friday, September 28 09:03:27

European shares rose today, led by Spanish blue-chips after the country's crisis budget raised expectations it would apply for a sovereign bailout, and look set to finish a strong quarter on a high note. The FTSEurofirst 300 was up 0.3 percent at 1,106.54 by 0707 GMT, building on a 0.4 percent rise from the previous session, while the Euro STOXX 50 climbed 0.5 percent. Spain's IBEX rose 1 percent.

Late on Thursday, the Spanish government unveiled its 2013 budget and said it would focus on spending cuts rather than tax rises. Technical analysis for the Euro STOXX 50, which has jumped around 11 percent this quarter, was bullish. "We are still looking at something which is relatively positive," Phil Roberts, chief European technical strategist at Barclays Capital, said.

"The uptrend off the June low still appears to be in play and while we remain above the range highs of the beginning of September/end of August - 2,467/2,461 - it still looks like it's stepping higher in an orderly trend," he said, targeting this year's peak, 2,611. ( C) Reuters