European shares rebound, led by UK after Conservative win

European shares rebound, led by UK after Conservative win

LONDON, May 8 European equity indexes rebounded on Friday, led by UK shares after election results showed Prime Minister David Cameron’s pro-business Conservatives had won a further five years in power.

Broader market sentiment was also supported by a return to calm in U.S. and European government bonds as well as U.S. data that showed job growth regaining momentum and the unemployment rate dropping to near seven-year lows.

The FTSEurofirst 300 index of pan-European shares ended 2.8 percent higher, while Britain’s blue-chip FTSE 100 closed up 2.3 percent following the election.

“While the City is pro-Tory by nature, traders have been celebrating a victory for continuity as much as for the Conservatives,” said Marcus Bullus, trading director at MB Capital.

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