Euro shares end higher - European Report

EUROPEAN shares closed higher yesterday with investors reacting to fresh data from the Eurozone. The Stoxx Europe 600 Index climbed 0.4 per cent to 347.49 at the close of trading.

The DAX rose 0.6 per cent, for its longest rally since May 2013, as a report showed the number of people out of work in Germany fell more than analysts had forecast.

The unemployment rate was 6.6 per cent, matching the revised number for the previous month.

An Ifo research paper yester day showed economic sentiment in the Eurozone unexpectedly rise last month. “The Germany unemployment number is a positive sign,” Raimund Saxinger, a fund manager at Frankfurt-Trust Investment, said. “We have already seen a positive Ifo number, and maybe a fall in the jobless rate is another confirmation of this turnaround and that the economy is doing better than feared.”