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European shares rise on upbeat earnings, ahead of ECB decision

February 6, 2014

European shares surged on Thursday mid-day trading after the release of upbeat earnings, where investors' attention will shift to ECB monetary decision. Buoyant earnings results by Daimler AG , Volvo AB and Alcatel-Lucent CA manged to offset the lower than forecast earnings reported by Credit Suisse Group AG . After the BOE decided to hold its monetary stance this month, eyes will focus on the ECB amid expectations the Governing Council will introduce new measures to combat the recent deflationary pressures. ECB President Mario Draghi will deliver a speech at 13:30 that will give an update about the economy. Tomorrow, the non-farm payrolls may show that American employers added 184,000 jobs last month from a meager 74,000 jobs in December. As of 06:54 EST , STOXX EUROPE 600 soared 1.16% to record 321.72 points. Telecommunications led the advance with a rise of 1.83%, followed by Consumer Goods which recorded 1.49% rise. The highest shares were for Pohjola Bank-A, as it advanced 18.20% to 16.82 euros , while the biggest drop was recorded by Nutreco NV as its shares plummeted 6.58% to 31.15 euros . Looking at other the major European indices, the French CAC index rose 1.25% to 4169.13 levels and Britain`s FTSE 100 index recorded 0.97% rise to 6520.67 points. Germany`s DAX index rose 1.20% to 9225.88 points.

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Source: Financial Markets

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