Europe: Shares rebound as Ericsson and LVMH rise

[LONDON] European shares rebounded on Monday from their lowest level in more than a year, helped partly by gains at mobile telecoms gear marker Ericsson and luxury goods group LVMH.

The pan-European FTSEurofirst 300 index, which had fallen 2.8 per cent on Friday to its lowest level since mid-December 2014, rose 0.6 per cent.

The eurozone's blue-chip Euro STOXX 50 index climbed 0.5 per cent and Britain's FTSE 100 advanced 0.3 per cent.

Ericsson rose 2.9 per cent after Nordea Markets raised its rating on the stock to "buy", while a similar upgrade from Goldman Sachs on LVMH boosted LVMH shares by 1.4 per cent.

However, French supermarket retailer Casino fell 3.2 per cent after ratings agency Standard & Poor's threatened to downgrade its debt to junk status.

REUTERS