Economic Calendar

Tuesday, November 25, 2008

European stocks hit day's high on Fed move

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LONDON, Nov 25 (Reuters) - European stocks hit their day's high on Tuesday after the U.S. Federal Reserve announced a $600 billion programme to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities.

At 1339 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 2.2 percent at its day high of 846.88 points.

U.S. stock index futures SPc1 DJc1 NDc1 rose 0.9-2.5 percent.

Banks and oil stocks added most points to the European benchmark, with BP (BP.L: Quote, Profile, Research, Stock Buzz) up 5.1 percent as the top weighted gainer.

Miner BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz) soared 17 percent after dropping its bid for Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz).

(Reporting by Sitaraman Shankar)




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