(Reuters) – European shares rose on Wednesday, led by mining stocks boosted by a manufacturing rebound in China and the media sector after Vivendi (VIV.PA) raised its annual profit targets.
Miners were buoyed by optimism about China’s manufacturing base after positive purchasing manager data. Anglo American (AAL.L), Antofagasta (ANTO.L), BHP Billiton (BLT.L), Rio Tinto (RIO.L) and Xstrata (XTA.L) gained 0.8 to 1.6 percent.
By 0709 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was 0.5 percent higher at 1,031.54 points. “The market is higher on the China PMI data, though everyone will be waiting for the U.S. ISM, which is seen weaker and the ADP Employment report, later in the session,” said Giuseppe-Guido Amato, strategist at Lang & Schwarz.
Europe’s largest telecom and entertainment group Vivendi gained 3.3 percent. The company raised its annual profit targets when posting forecast-beating first-half results boosted by its newly acquired Brazilian telecoms unit and video games. (Reporting by Joanne Frearson)