Investors had been unnerved by signs of slower Chinese growth and the withdrawal of US monetary stimulus, concerns that spread from emerging markets to the world's big stock markets.
A 3.7 per cent rise in
With much of the market focus on today's US non-farm payrolls report, investors took heart from a betterthan-expected report on US weekly initial jobless claims.
One cause for concern is that the earnings picture overall remains mixed, underscored by a warning from
Its shares dropped 1.6 per cent, the biggest drag on the
Cautious results statements are sounding alarm bells for investors who had been betting on a recovery in European earnings as the main driver for an equity market rally in 2014. With the market already trading at lofty valuations after a bumper 2013, bolstered by central bank stimulus, analysts say that valuations have little scope to make further gains, which means earnings must increase before prices can.
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