European shares inch higher

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European shares inch higher

11/09/2008 07:53

FRANKFURT (Reuters) - European stocks inched higher in early trade on Thursday, as energy and mining stocks rose on the back of higher commodity prices, but financials such as French insurer AXA fell amid persistent industry woes.

By 0720 GMT (8:20 a.m. BST), the FTSEurofirst 300 <.FTEU3> index of top European shares was up 0.1 percent at 1,149.72 points.

AXA fell 3.3 percent and the DJ Stoxx insurance index <.SXIP> was the leading sectoral loser with a decline of 1.0 percent, followed by banks <.SX7P> with a loss of 0.6 percent.

"According to the estimates of our bank analysts, global banks lost $636 billion during the crisis so far," Italy’s UniCredit said in a note, comparing that figure to the International Monetary Fund’s estimate for total sector losses of $1 trillion (507 million pounds).

"There is still some way to go until the end of the crisis, and we expect that the Q3 earnings release season will show more losses," UniCredit said.

The oil price edged up to $103 a barrel, lifting shares in BP , ENI , Royal Dutch Shell and Total by about 1.5 percent.

Copper and gold prices also rose, helping miners such as BHP Billiton and Rio Tinto , which rose about 2.5 percent each.

German bank Helaba said U.S. economic data due later in the session could give new impulses for Europe’s stock markets.

U.S. international trade figures, export and import prices for August as well as weekly jobless claims are due at 1230 GMT.

(Reporting by Peter Starck)

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