European shares up on China growth, Roche results

LONDON, April 15 (BestGrowthStock) – European shares rose in early
trade on Thursday as strong economic growth from China and
upbeat corporate earnings from the United States fuelled
optimism on the pace of economic recovery.

Drugmakers were among the biggest gainers after Roche
Holding (ROG.VX: ) beat first-quarter sales forecasts and
confirmed its full-year outlook. Roche gained 2.2 percent.

Within the sector, GlaxoSmithKline (GSK.L: ), AstraZeneca
(AZN.L: ), Sanofi-Aventis (SASY.PA: ) and Novartis (NOVN.VX: ) put on
0.1 to 0.8 percent.

By 0704 GMT, the pan-European FTSEurofirst 300 (.FTEU3: )
index of top shares was up 0.3 percent at 1,108.46 points,
having briefly touched a 19-month high at 1,108.98 earlier.

“People are taking a more optimistic view and there are
green shoots but we have to put these shoots into context,” said
Justin Urquhart-Stewart, investment director at Seven Investment
Management.

“Some of these have been forced green shoots because of the
amount of investment and incentives that have been put into the
economy.”

An unexpected 11.9 percent year-on-year growth for China in
the first quarter [ID:nTOE63D091] as well as upbeat corporate
earnings from JPMorgan (JPM.N: ) and rising retail sales in the
United States on Wednesday helped boost confidence in the
economy.

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(Reporting by Harpreet Bhal)

European shares up on China growth, Roche results