Data lifts European shares; Greece worries linger

LONDON, May 3 (BestGrowthStock) – European shares rose on Monday, as
upbeat data from the United States boosted hopes of an economic
recovery, while some doubts persisted on whether a bailout for
Greece could help solve the euro zone’s growing debt crisis.

The FTSEurofirst 300 (.FTEU3: ) index of leading European
shares provisionally closed 0.2 percent higher at 1,064.51
points, after losing 2.7 percent last week — its third straight
week of declines.

Investor confidence was lifted by data showing growth in
U.S. manufacturing, construction and consumer spending,
reinforcing the view that an economic recovery is under way in
the world’s largest economy. [ID:nN03193333]

GDF Suez (GSZ.PA: ) added 2.2 percent after it stuck to its
earnings goals despite a drop in first-quarter core profit, hurt
by lower gas and power prices, according to documents released
ahead of the utility’s shareholder meeting on Monday.

The European Union and the International Monetary Fund
agreed on Sunday to a 110 billion euro ($146.5 billion) bailout
for Greece in exchange for tough austerity measures, alleviating
some fears of a near-term sovereign debt default but worries
remained on which fiscally vulnerable European country could be
next. [ID:nLDE6400CL]

“I have doubts if Greece is ever going to succeed in paying
back the money. But having said that, it (the bailout package)
is very good for short-term relief and people appear to be quite
happy with that outcome,” said Heino Ruland, strategist at
Ruland Research in Frankfurt.

Stock Analysis

(Reporting by Harpreet Bhal)

Data lifts European shares; Greece worries linger