Shares rally throughout Europe
Shares are moving sharply higher on all the European stock markets this morning following last nights rally on Wall Street.
In Amsterdam, Paris and Frankfurt bargain hunters are pushing up share prices, especially among TMT - Technology, Media and Telecom - stocks.
In Paris the CAC-40 index is up 102.91 points at 4,927.73 in heavy morning trading.
Although some investors are hoping that the recent sharp losses have signalled the end of the steady downtrend, dealers said there is no incentive to return to equity markets.
"There's just no reason to buy at the time being," said one Paris trader.
The expected cuts in both US and European interest rates over the next few months could spark a turn of investor sentiment, but dealers say the effect of lower rates will not be registered on company balance sheets for several months.
In Frankfurt the Dax stands at 5,5518.22, up 130.20 points or 2.42%.
Dealers say the push has been helped by comments from European Central Bank chief economist Otmar Issing.
These have fuelled hopes the ECB will cut rates at its next governing council meeting on March 29.
However dealers caution that today's buoyant recovery in no way signals the market is out of trouble, with uncertainty continuing to dog hopes of a long-term recovery .
In Amsterdam the AEX index is 11.43 points higher at 529.70 after opening at 526.13 and reaching a high of 530.40 earlier.
