Reuters: Market News: European shares rise on bargain hunting

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European shares rise on bargain hunting Mar 26th 2012, 07:14 LONDON, March 26 | Mon Mar 26, 2012 3:14am EDT LONDON, March 26 (Reuters) - European shares rose on Monday in a technical bounce, after recording their steepest weekly loss since the start of the year, as investors searched for bargains and positioned themselves for a potential strong German Ifo figure. The STOXX Europe 600 Basic Resources index, which was amongst the worst performers in the previous week, was one of the standout gainers up 0.7 percent. By 0812 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.3 percent at 1,082.99 points after falling 2.5 percent for the week following weak PMI figures in China and the euro zone and disappointing housing data in the United States. The index was also recovering after hitting a support level on Friday - its 50 day moving average at 1,069. "We are seeing a technical bounce, the index has moved nicely off its 50-day moving average and has the potential to move back to recent highs near the 1,100 level," said Joe Rundle, head of trading at ETX Capital. "It will be all about the economic news. Germany is key to Europe and a strong figure will see read across over the market and will show the weaker backdrop in Europe is not hitting businesses. Link this Share this Digg this Email Reprints

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