European shares up, on track to end quarter higher

LONDON: European shares rose on Thursday and are on track to end the quarter higher as recent macro data pointed to an improvement in the global economic recovery.

By 0811 GMT, the pan-European FTSEurofirst 300 index of top shares was 0.1 percent higher at 1,135.52 points after hitting a three-week closing high in the previous session following a positive US labour report.

However, investors will be closely watching the Irish bank stress tests results, with media reports indicating the Irish government is set to announce a radical restructuring of the industry.

"There will be a close eye on the Irish bank stress tests, I do not think the underlying euro zone trauma has not gone away," Mark Priest, senior equities trader at ETX Capital in London, said.

"Everything seems positive, but I think we will be range trading until this afternoon when US PMI and US jobless claims came out which will give us more idea on the recovery ahead of the US non-farm payrolls tomorrow."

Europe's biggest tour operator TUI Travel gained 2.1 percent after it said summer bookings were up on the previous year in its key markets.