7 Feb 2009

Europe stocks end up

7:16 am on 7 February 2009

European stocks ended higher on Friday, as investors brushed aside grim jobs data in the United States and bought shares of banks and miners.

Truckmaker Volvo rose 16% despite posting an operating loss in the fourth quarter amid slowing orders. BMW was up 12%.

Royal Bank of Scotland rose 9.1% and Deutsche Bank added 5.7%.

Xstrata rose 6% and Anglo American gained 6.2%.

The FTSEurofirst 300 index of top European shares closed 2% higher at 826.37 points, posting a gain for the week of 3.7%.

US employers cut 598,000 jobs in January as the unemployment rate rose to 7.6%, signalling a deepening economic slowdown.

Around Europe: The DAX index in Frankfurt rose 2.97% to 4,644.63 points and the CAC 40 in Paris gained 1.84% to 3,122.79 points.

In Britain, the the FTSE 100 was up 62.94 points, 1.5%, at 4,291.87 - its fourth consecutive day of gains.

However, the index is still down around 3% to date this year after losing more than 31% in 2008.

British Airways was up 10.5% despite posting a nine-month pretax loss of 70 million pounds ($US102.4 million).