European shares turn positive after U.S. data

LONDON (BestGrowthStock) – European shares turned positive in afternoon trade on Tuesday, snapping four sessions of losses, as stocks on Wall Street were boosted by data showing U.S. confidence rose for the third straight month in January.

By 1521 GMT, the pan-European FTSEurofirst 300 index (.FTEU3: ) added 0.3 percent at 1,022.05, reversing a losing streak which was the market’s worst sell-off in six months.

Drugmakers added the most points to the index, with AstraZeneca (AZN.L: ), GlaxoSmithKline (GSK.L: ), Novartis (NOVN.VX: ) and Sanofi-Aventis (SASY.PA: ) up 1.3 to 1.9 percent.

A decline in mining stocks, however, capped gains on the index. Antofagasta (ANTO.L: ) Anglo American (AAL.L: ), Kazakhmys (KAZ.L: ) and Xstrata (XTA.L: ) shed 0.8 to 2.9 percent as metals prices sank on concerns over China’s implementation of a clampdown on lending for some banks.

U.S. consumer confidence rose for the third straight month in January to the highest since September 2008, driven mostly by an improvement in present-day conditions, according to a Conference Board report.

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(Reporting by Harpreet Bhal)

European shares turn positive after U.S. data