AppId is over the quota
LONDON | Mon Oct 10, 2011 11:50am EDT
LONDON Oct 10 (Reuters) - European shares rose for a fourth day on Monday, on optimism that a plan devised by France and Germany would help resolve the euro zone debt crisis and shore up the region's troubled banking sector.
Stocks rose across the board, with some economically- sensitive sectors performing best, as the policymakers' plans boosted sentiment. The STOXX Europe 600 Autos Index rose 4.2 percent. The STOXX Europe 600 Basic Resources Index rose 2.3 percent.
The FTSEurofirst 300 index of top European shares rose 1.6 percent to a provisional close of 962.80 points. The benchmark has gained more than 12 percent since reaching a low on Sept. 23, but is down more than 14 percent in 2011.
Some strategists were sceptical due to the lack of detail in the plan, and remained downbeat on equities. "It's a relief rally, not surprising given how bearish the last five or six weeks have been," said Michael McNaught-Davis, head of international equities at Scottish Widows, which has 145 billion pounds ($227 billion) under management.
"There is still some bitter medicine to be taken. It will be difficult to unwind all this debt without economies falling into recession."
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