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London - European shares gained on Monday, as
stronger-than-expected US retail sales data kept the door open for an
improvement in corporate earnings, partly eclipsing investors’ concern about
Spain’s mounting debt costs.
The pan-European FTSEurofirst 300 provisionally closed 0.7%
higher at 1 034.85 points, extending gains in afternoon trade following the
release of US data.
“The retail sales data was quite favourable. The US economy
clearly is currently outperforming the euro zone on aggregate so it makes sense
to seek some exposure,” James Buckley, European fund manager at Baring Asset
Management, said.
“If you look through the short term noise, the valuations are
attractive.”
