European shares rebound on Greek polls

May 28, 2012 10:15


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LONDON - European equities bounced up on Monday, cheered by Greek opinion polls suggesting pro-bailout parties will eke out a majority and form a government committed to keeping the country in the euro zone, but traders forecast more volatility in the coming days.

The polls reassured investors worried about a possible Greek euro zone exit in case of a leftist victory on June 17 - an event with unpredictable and potentially costly contagion risks for the other economies in the currency bloc.

The FTSEurofirst 300 index of leading European shares added 0.8 percent by 0702 GMT to 992.60 points.

"Let the buying begin," said Justin Haque, pan-European sales trader at Hobart Capital Markets.

"The Troika can look forward to a 'fudged/muddle through' post June 17 and the wider concerns of the euro can recede for a few months ... (But) this rally's only going to last days not weeks."

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