European shares up, on track to end quarter higher

LONDON, March 31 (Reuters) – European shares rose on
Thursday and are on track to end the quarter higher as recent
macro data pointed to an improvement in the global economic
recovery.

By 0811 GMT, the pan-European FTSEurofirst 300 (.FTEU3: Quote, Profile, Research)
index of top shares was 0.1 percent higher at 1,135.52 points
after hitting a three-week closing high in the previous session
following a positive U.S. labour report.

However, investors will be closely watching the Irish bank
stress tests results, with media reports indicating the Irish
government is set to announce a radical restructuring of the
industry. [ID:nWLA6824]

“There will be a close eye on the Irish bank stress tests, I
do not think the underlying euro zone trauma has not gone away,”
Mark Priest, senior equities trader at ETX Capital in London,
said.

“Everything seems positive, but I think we will be range
trading until this afternoon when U.S. PMI and U.S. jobless
claims came out which will give us more idea on the recovery
ahead of the U.S. non-farm payrolls tomorrow.”

Europe’s biggest tour operator TUI Travel (TT.L: Quote, Profile, Research) gained 2.1
percent after it said summer bookings were up on the previous
year in its key markets.

(Reporting by Joanne Frearson)

European shares up, on track to end quarter higher