European shares rally after U.S data but Eutelsat plunges

European shares rally after U.S data but Eutelsat plunges

LONDON, May 13 European shares rebounded from losses earlier in Friday’s session as strong U.S. retail sales data buoyed markets, although satellite company Eutelsat plunged nearly 30 percent after slashing its outlook.

The pan-European FTSEurofirst 300 index had spent much of the day in negative territory, but swung back up to close 0.6 percent higher following the U.S figures.

The data showed U.S. retail sales in April recorded their biggest increase in a year, suggesting that the world’s biggest economy was regaining momentum after growth almost stalled in the first quarter.

“The strong U.S. data has lifted European markets, and we are fairly bullish in the medium term,” said MB Capital trader Rick Jones.

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