* FTSEurofirst 300, Euro STOXX 50 rise * Spain gets boost from Moody's * German business morale rises in February, Ifo says * Volkswagen, HSBC cap gains By Joshua Franklin LONDON, Feb 24 (Reuters) - Demand for Spanish equitieshelped European shares to extend their rally on Monday tosix-year highs, but worse-than-expected results from HSBC and a disappointing outlook from Volkswagen capped the gains. Spanish stocks rose 0.9 percent after Moody's raised Spain'ssovereign debt rating one notch to Baa2 with a "positive"outlook. Sentiment was also lifted by data thatshowed German business morale rose in February to its highestlevel since July 2011. European stocks have risen sharply over the past 2 1/2weeks, with the CAC-40 hitting a 5 1/2-year high on Friday,boosted by hopes the region's economic growth and corporateprofits will recover this year. "The outlook for corporate earnings, helped first by exportsand now by a recovery in domestic demand, is improving," saidAnn Steele, European equity fund manager at ThreadneedleInvestments. "Consumer confidence on the continent is on the up,and countries that have been most prepared to undergo difficultreform are reaping benefits in terms of GDP growth." At 1549 GMT, the pan-European FTSEurofirst 300 wasup 0.3 percent at 1,347.70 points, which would be the highestclosing price in almost six years. The euro zone's blue-chipEuro STOXX 50 index was up 0.5 percent at 3,146.36points. British mobile operator Vodafone rose 3 percent,helping the FTSEurofirst 300 index of top European shares tojust short of the six-year highs it hit in January. Vodafone'sshares have gained on the prospect of one of the largest capitalreturns in corporate history, after it sells its stake in U.S.mobile-phone company Verizon Wireless. Slowing the rally, shares in HSBC fell 3.5 percent. Europe'slargest bank posted results that fell short of expectations andwarned of more volatility in emerging markets. The drop was even sharper for Volkswagen, Germany's biggestblue-chip by market value. VW sank 7.4 percent after it issued adisappointing 2014 outlook and announced plans to buy outminority shareholders of Scania, sending shares of thetruck maker up 32 percent. Worries brewing over credit restrictions on China's propertysector also kept investors on edge. Chinese shares fell onMonday, knocked by news reports saying Chinese banks had beguntightening property loans. Mining shares, which have a big exposure to resource-hungryChina, retreated, with Rio Tinto down 1.8 percent andAnglo American down 2.1 percent. Around Europe, UK's FTSE 100 index was down 0.1percent, lagging continental indexes. Germany's DAX gained 0.2 percent and France's CAC 40 rose 0.5 percent. "The prospect of a pick-up in growth in the euro zone hasbeen one of the big catalysts for the market in the past fewweeks," FXCM analyst Vincent Ganne said. "With a lot of datacoming out this week, including Friday's inflation figures, fundmanagers' risk appetite will be tested. We need more positivenews, otherwise investors will start having doubts." Europe bourses in 2014:Asset performance in 2014:Today's European research round-up
UK dividends calendar - next 7 days
Friday 17 November | |
Hays PLC | dividend payment date |
Hays PLC | special dividend payment date |
Howden Joinery Group PLC | dividend payment date |
International Public Partnerships Ltd | dividend payment date |
JPMorgan Japan Small Cap Growth & Income PLC | dividend payment date |
Kingfisher PLC | dividend payment date |
Morgan Advanced Materials PLC | dividend payment date |
Murray International Trust PLC | dividend payment date |
Old Mutual Ltd | dividend payment date |
Schroder European Real Estate Investment Trust PLC | dividend payment date |
Taylor Wimpey PLC | dividend payment date |
Tritax Big Box REIT PLC | dividend payment date |
Monday 20 November | |
Dunelm Group PLC | dividend payment date |
Tuesday 21 November | |
no events scheduled | |
Wednesday 22 November | |
CRH PLC | dividend payment date |
Henderson Eurotrust PLC | dividend payment date |
Thursday 23 November | |
abrdn Asia Focus PLC | ex-dividend payment date |
abrdn Asia Focus PLC | special ex-dividend payment date |
Atrato Onsite Energy PLC | ex-dividend payment date |
Babcock International Group PLC | ex-dividend payment date |
Blackrock Sustainable American Income Trust PLC | ex-dividend payment date |
Blackrock World Mining Trust PLC | ex-dividend payment date |
British Land Co PLC | ex-dividend payment date |
Castings PLC | ex-dividend payment date |
Craneware PLC | ex-dividend payment date |
DCC PLC | ex-dividend payment date |
FRP Advisory Group PLC | ex-dividend payment date |
Great Portland Estates PLC | ex-dividend payment date |
HICL Infrastructure PLC | ex-dividend payment date |
Invesco Asia Trust PLC | dividend payment date |
JPMorgan Asia Growth & Income PLC | dividend payment date |
Kainos Group PLC | ex-dividend payment date |
Land Securities Group PLC | ex-dividend payment date |
Liontrust Asset Management PLC | ex-dividend payment date |
Lok'n Store Group PLC | dividend payment date |
ME Group International PLC | dividend payment date |
National Grid PLC | ex-dividend payment date |
Palace Capital PLC | ex-dividend payment date |
RS Group PLC | ex-dividend payment date |
Scottish Mortgage Investment Trust PLC | ex-dividend payment date |
Serica Energy PLC | dividend payment date |
Tate & Lyle PLC | ex-dividend payment date |
Tatton Asset Management PLC | ex-dividend payment date |
Urban Logistics REIT PLC | ex-dividend payment date |
Vodafone Group PLC | ex-dividend payment date |
Volution Group PLC | ex-dividend payment date |
Witan Investment Trust PLC | ex-dividend payment date |
Young & Co's Brewery PLC | ex-dividend payment date |
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