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European shares close up ahead of U.S. earnings

Published 04/08/2011, 11:41 AM
Updated 04/08/2011, 11:44 AM
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LONDON, April 8 (Reuters) - European shares ended higher on Friday, led by miners tracking stronger metal prices and investors positioning themselves for an expected positive start to the U.S. earnings season next week.

Precious metal and copper miners were in demand as gold hit a record high after the dollar weakened on the prospect of a U.S. government shutdown and copper hit its highest in a month on expectations of increasing demand.

Precious metals miner Fresnillo gained 2.4 percent, while copper miners Kazakhmys and Xstrata were up 1.9 percent and 2.8 percent respectively.

The pan-European FTSEurofirst 300 index of top shares provisionally closed up 0.2 percent at 1,146.66 points, above its 50-day moving average after closing below it on Thursday when investors took profits on concerns about an aftershock in northeastern Japan.

"The next big thing is the U.S. earnings season," Matt Brown, trader at Catalyst Markets said. "If we want the market to have further momentum, we need the upside surprises to continue, otherwise investors may step away."

The earnings season will begin with Alcoa Inc after the market's close on Monday, while JPMorgan Chase & Co and Google Inc are due to report later in the week. (Reporting by Joanne Frearson)

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