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European shares edge up; Siemens gains

Published 01/25/2011, 03:13 AM
Updated 01/25/2011, 03:15 AM

LONDON, Jan 25 (Reuters) - European shares edged up in early trade on Tuesday, tracking gains on Wall Street and in Japan, on optimism for the earnings season after more company results beat forecasts.

At 0806 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,153.62 points, after rising 1 percent over the two previous sessions.

"We should see markets go up for another day or two," said Lothar Mentel, chief investment officer at Octopus Investments.

"Earnings season is very supportive on the surprise side. The only risk for today is that the UK GDP figure is bad, but I think it is unlikely to be much outside the expectations, and should not have a major impact."

Siemens AG, Europe's biggest engineering conglomerate, rose 1.6 percent after posting better-than-expected earnings in its first quarter, helped by robust demand from rapidly growing emerging economies. (Reporting by Brian Gorman)

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