Thursday, December 1, 2011

European shares turn higher after Spain bond auction

LONDON (Dec 1): European shares turned positive on Thursday, after demand at a Spanish bond auction held up better than expected, easing some of the worst fears about the euro zone debt crisis, even though yields were high.

At 1006 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 983.46 points, having been as low as 974.16 earlier.

The market had earlier pulled off its intraday low after European Central Bank President Mario Draghi said it was willing to take further action to prop up the euro zone, even though he said downside risks had grown.

Spain's Treasury sold 3.75 billion euros ($5.05 billion) of three bonds on Thursday, right at the top of the targeted 2.75-3.75 billion euro range.- Reuters

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