European shares rebound

MILAN, Rabi’I 03, 1437, December 14, 2015, SPA — European shares rose on Monday, helped by data in China showing signs of stabilisation, while wind turbine makers were among the leading gainers after world leaders agreed on a landmark climate deal, Reuters reported.

The pan-European FTSEurofirst index was up 0.88 percent by 0943 GMT, after falling 2.1 percent on Friday to two-month lows on concerns over the Chinese economy on the back of the yuan falling to multi-year lows.

One trader said market sentiment was also supported by the failure of Marine Le Pen’s far-right National Front to win any regions in French elections on Sunday. Among main national indexes France’s CAC was the top gainer with a 1.3 percent rise.

Vestas Wind Nordex and Gamesa rose 2.6, 4.7 and 2 percent respectively as the wind turbine makers were seen as possible beneficiaries of the climate deal aimed at arresting global warming.

“There might be some modest positive impact but for the market overall this is not probably a big game changer,” Schwarz said.

South-Africa exposed Old Mutual surged 8.4 percent after the rand advanced following the appointment of a new finance minister in the country.

Dialog Semiconductor rose 2.7 pct on hopes its poorly-received deal to acquire Atmel could be in doubt after its US peer said it received a rival counterbid.

Veolia rose 2.1 percent after the French water and waste group said it would start paying higher dividends again as it expects core earnings to grow by around 5 percent in the 2016-18 period.

Telecom Italia ordinary shares rose 1.9 percent as a plan to convert saving shares into ordinary stock was seen at risk after top investor Vivendi said it would abstain from voting in favour of the move. Telecom Italia saving shares were down more than 7 percent.
–SPA
13:43 LOCAL TIME 10:43 GMT