Europe Shares Climb Fifth Day in a Row

30 Apr 2012

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London Stock Exchange



European stocks rose early on Monday, climbing for a fifth straight session and tracking gains on Wall Street following upbeat earnings, while a milder-than-expected fall in Spain's GDP eased worries over the country's finances.

At 0709 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,053.63 points, while Spain's IBEX was 0.4 percent higher.

Data showed on Monday that Spain's gross domestic product shrank 0.3 percent in January to March on a quarterly basis, beating economists' forecasts, according to Reuters.

However, the data still shows the country slipping into another recession, which will not improve the country's finances, Michael Hewson, senior market analyst at CMC Markets, said.

"Given continued rises in unemployment and a crashing economy, Spanish ministers may be faced with no other choice but to accept some form of bailout whether they like it or not," he said.

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