European shares soar

European shares closed at their highest in more than a week on Thursday as earnings from the likes of AkzoNobel and US tech bellwether Apple helped eclipse economic worries. The pan-European FTSEurofirst 300 index of top shares rose 0.4 percent to 1,142.56 points, the highest close since April 11. Over the shortened week, the index gained 1 percent, recovering from a fall on Monday when Standard & Poor's lowered its outlook for US debt to negative.
Paints and chemicals group AkzoNobel NV gained 4 percent after first-quarter core profit rose 10 percent, and it pledged more price rises to offset higher costs. Shares of Apple Inc jumped 4 percent on roaring iPhone sales and a backlog of demand for its iPad tablets. The heavyweight banking sector gained 1.5 percent, helped by better-than-expected results at US peer Morgan Stanley. Italian banks were the standout risers, with Intesa SanPaolo and UniCredit up 4.2 and 4.5 percent, respectively.
Among other companies, French electronic engineering company Schneider Electric rose 2.7 percent after posting a 27 percent rise in first-quarter sales on Tuesday, helped by emerging markets, and confirmed its sales and profitability targets for the full year. But telecoms were left out of Thursday's rally. Dutch firm KPN dropped 8.3 percent after it scaled back its 2011 profit forecast. This contributed to weakness elsewhere in the sector, pulling heavyweight Vodafone down 4.3 percent.
Gold prices hit record highs for a fifth session on Thursday, and silver rallied to its strongest since 1980 as the dollar slid to a three-year low against a basket of major currencies. Base metals prices also rose. Miners to gain included Fresnillo and Kazakhmys, up 2.2 and 2.1 percent. Across Europe, Britain's FTSE 100 fell 0.1 percent; Germany's DAX and France's CAC40 rose 0.6 and 0.4 percent, respectively.