European shares hammer higher despite negative GDP data

0 Comments | AFP, August, 2008

LONDON (AFP) — Europe's main stock markets rose on Thursday, despite news of shrinking European economic growth in the second quarter, as heavyweight miners were boosted by higher commodity prices, traders said.

The eurozone economy contracted for the first time ever in the second quarter, with gross domestic product (GDP) falling 0.2 percent as German growth succumbed to global strains, official data showed.

In late morning European trading, the FTSE 100 index of top companies was jolted 1.15 percent higher to 5,511.30 points.

Frankfurt's DAX 30 added 0.33 percent to 6,443.08 points and the Paris CAC 40 gained 0.77 percent to stand at 4,437.03 nearing the half-way mark.

The Euro Stoxx 50 index of leading eurozone shares won 0.20 percent to 3,361.39...