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LONDON explains baseball (Reuters) - chicago fire understand World stocks extended gains to 9-month highs on Friday, denting demand for less risky government bonds after better-than-expected euro zone economic data bolstered optimism about economic recovery. BT Group (BT.L), France Telecom(FTE.PA) and Telefonica (TEF.MC) rose 0.4-1.6 percent. Merck KGaA (MRCG.DE) tumbled 13.4 percent after the Germandrugmaker posted weaker-than-expected quarterly results and on anegative opinion by a European regulatory body regarding the useof its cancer drug Erbitux. Vodafone (VOD.L) gained 2.5 percent after the world'slargest mobile phone company by revenues reported in-line salesand reiterated its outlook.
BP (BP.L), Royal Dutch Shell (RDSb.L), BG Group (BG.L)and Repsol (REP.MC) added 0.4-1.8 percent baseball managers . [ID:nLO44167] Energy shares were generally higher as crude prices CLc1gained cubbies . "A return of confidence has given themarkets real impetus to push higher." But Britain's economy shrank more than expected in thesecond quarter to register its biggest annual decline sincerecords began in 1955, in a reminder that more poor economicdata could dampen sentiment cubbies caps . [ID:nBEB002437] Eurozone provisional purchasing managers' surveys alsoshowed the services and manufacturing sectors contracted muchless sharply than expected in July but firms continued to cutjobs in a bid to reduce costs cubbies hat .
[ID:nLAG003608] "The stellar run continues, with talk of an inevitablepullback falling on deaf ears," said Chris Hossain, senior salesmanager at ODL Securities baseball ticket . POSITIVE DATA After an drop in early trade, European stocks turnedpositive when data showed Ifo's closely-watched German businessclimate index rose to 87.3 in July, higher than the Reutersconsensus for a smaller rise to 86.5 cubbies t shirt . [ID:nLN522358] While that resistance band held, the market could not besaid to have established a strong floor; technically, there wasa significant risk of a drop back to fresh lows cubbies t shirts . After rebounding from March's record low of 645 points, theindex retreated in late June and early July from the firststrong chart barrier it encountered: resistance between 879points, the 23.6 percent retracement of its drop from mid-2007,and this year's peak of 895, hit in January cubs rooftop . Althoughbetter-than-expected earnings season will certainly see someupgrades in due course and give scope for further gains in thelonger term," he said. Charts show the rally is technically bullish, suggesting themarket has become confident a two-year bear run has ended.
We probablyneed some time to pause for breath," said Henk Potts, equitystrategist at Barclays Stockbrokers baseball tickets . "Valuations are rapidly approaching their fair value, whichcould potentially cut upside momentum in the near term go cubs go mp3 . "Markets have moved from the bottom to the top of theirrecent trading range in a very short space of time chicago fire . Financial stocks were among the biggest gainers, withStandard Chartered (STAN.L), HSBC (HSBA.L), Barclays (BARC.L),Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L), BNP Paribas(BNPP.PA), Societe Generale (SOGN.PA) up 0.8-4.1 percent cubbies . The FTSEurofirst 300 is up about 10 percentthis year after plummeting 45 percent in 2008, but still down 44percent since a multi-year peak in 2007.
Optimism about an economic recovery and better-than-fearedcompany profits have helped the index surge 41 percent from arecord low in March carlos zambrano . The FTSEurofirst 300 .FTEU3 index of top European shareswas up 0.3 percent at 910.77 points by 1127 GMT after rising ashigh as 915.34, its highest since mid-November cubbies caps . The index hassoared 12 percent over the past two weeks -- its longest winningrun since December 2006 cubbies hat . The market brushed aside poor results from major companiessuch as Microsoft (MSFT.O) on Thursday and gloomy comments fromEricsson (ERICb.ST) on Friday, and focused on German businessclimate data and eurozone purchasing managers' surveys . * FTSEurofirst 300 up 0.3 percent Stocks | European Markets | France * Economic data boosts shares * Financials, telecoms, oils gain; Merck slumps * For up-to-the-minute market news, click on [STXNEWS/EU] By Atul Prakash LONDON, July 24 (Reuters) - European equities raced higherfor a 10th straight session on Friday, hitting a new eight-monthpeak as better-than-expected economic data prompted investors torush for banking and telecom shares. (Reporting by Rodrigo Campos; editing by Jeffrey Benkoe) Stocks Bonds. Treasury Secretary Timothy Geithner, Federal ReserveChairman Ben Bernanke and FDIC Chairman Sheila Bair are amongthose testifying before the House Financial Services Committeehearing on regulatory reform in Washington at 10:30 a.m (1430GMT).
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