European shares gaining for a third day (MarketWatch) (02-03-2010)

LONDON (MarketWatch) – After initially stumbling, European shares gained on Tuesday, with earnings helping stocks advance for the third day in a row.

In the banking sector Allied Irish Banks shares were up 4.5% after the lender's adjusted loss-per-share was better than expectations. 

Several Greek banks were also higher, with Alpha Bank up 3.7%, helping the ASE Composite Index rose 2.1% to 2,101.50.

Of the main regional markets, the U.K. FTSE 100 index rose 0.6% to 5,440.50, the German DAX index rose 0.6% to 5,747.35 and the French CAC-40 index advanced 0.6% to 3,793.33.

Asia shares ended mostly higher while U.S. stock futures were pointing to a higher start on Wall Street.

The dollar rose against the euro and sterling, with the common currency down 0.3% at $1.3531 and the pound down 0.2% at $1.4960.

The pound dropped sharply on Monday on concerns over a possible hung parliament that would limit debt reduction efforts as well as worries that U.K. insurance group Prudential will have to sell sterling and buy dollars to complete the purchase of the Asian assets of American International Group.

Source: MarketWatch