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European shares bounce back

Monday, August 11 08:28:46

European shares rose in early trade on Monday, bouncing back from a sharp two-week slide and tracking a rally on Wall Street as tensions between Ukraine and Russia eased slightly.

At 0703 GMT, the FTSEurofirst 300 index of top European shares was up 0.8 percent at 1,316.16 points. The benchmark index had dropped nearly 5 percent in the past two weeks, with charts showing the index in 'oversold' territory.

Late on Friday, Russia's Defence Ministry said it had ended military exercises in southern Russia which the United States had criticised as a "provocative" step amid the Ukraine crisis, sparking a sharp rally on Wall Street.

Germany's DAX outperformed on Monday, up 1.1 percent, with Daimler up 1.9 percent and Adidas up 1.2 percent. German companies are seen as the most vulnerable to tensions between the West and Russia. (Reuters)

For more visit: www.businessworld.ie